With Punch EV, Tata Motors aims big growth in electric car segment

Tata Motors aims to consolidate its lead in the electric vehicle segment this year with as many as five EVs hitting the Indian roads by end of 2024. The first of these five electric cars, launched on Wednesday (January 17), was Punch EV - the smallest SUV in India to go fully electric. Sailesh Chandra, Managing Director of Tata Motors, said Tata could end up selling around 80,000 electric cars by 2024, which will be almost 17 per cent of its overall sales. Tata aims to take its EV sales to 25 per cent of its overall sales in the next three years.

Speaking at the launch of the Punch EV, Chandra confirmed that Tata Motors will launch four more EVs by the end of this year. These models are Harrier EV, Curvv EV, Sierra EV and Altroz EV. Though he did not share the exact launch timelines, all these EVs are expected to be introduced in the second half of the year.

Tata Motors currently is the leading manufacturer in the electric vehicle segment with over 70 per cent market share. The carmaker thinks electric car sales in India could hit one lakh by 2024 with a growth of nearly 45 per cent. "Two years back, EVs were growing on a very low base. In the last calendar year, it had a growth of nearly 100 per cent but now the base is getting bigger. By the end of this financial year, it will be around 90,000 to 1 lakh. On this high base, I think the growth (industry) would moderate to about 40 per cent to 45 per cent," Chandra said.

Tata Motors aims to beat the growth estimate for electric vehicle industry this year with its upcoming launches. From 69,153 EVs sold last year, Tata aims to increase the sales number to nearly 80,000 this year. Chandra said, “In the next three years, we have taken a target of achieving 25 per cent of total sales with all the products that we are going to launch. 2024 should be around 15-17 per cent."

The first of the EVs, the Punch electric SUV, has been launched at an introductory price of ₹10.99 lakh (ex-showroom). It comes with two battery options offering range between 315 kms and 421 kms on a single charge. Punch is Tata's second best-selling car. The carmaker hopes Punch EV to significantly increase its sales of the brand.

Among the upcoming EVs, all eyes are o the Harrier EV which is expected to be launched next. Tata Motors unveiled the Harrier EV at Auto Expo 2023. Tata had also launched the facelift version of the ICE Harrier last year. It is likely to be based on Tata's new EV platform Acti.EV. The next model to launch could be the Curvv EV. It will be based on Tata Motor's X1 platform which will be heavily reworked to become EV ready. According to reports, the expected range of the Curvv electric SUV will be between 400 kms and 500 kms in a single charge. The much-awaited Sierra was first showcased back in 2020 during Auto Expo. In the 2023 edition of the auto show, Tata Motors returned with an EV concept version of the SUV. The last of the EV will be the Altroz EV. This would be the second hatchback from the carmaker after the Tiago to get an electric version.