Tata Motors envisions selling 50,000 electric vehicles in this fiscal year

Home-grown automaker Tata Motors aims to sell around 50,000 electric vehicles (EVs) in the fiscal year ending March 31, 2023, and double the figures in 2023/24 period, the company's Chairman, N Chandrasekaran said during a shareholders' meeting, Reuters reported. During the 2021-22 fiscal, the company sold 19,105 EVs, witnessing a growth of 353% from the previous fiscal year.

The company also hopes to improve the overall performance this fiscal year as the overall supply situation, including that of semiconductors, is gradually easing while commodity prices are stabilizing. “We continue to work closely with our customers and ecosystem partners to mitigate risks and expect performance to progressively improve through the year," Chandrasekaran said.

Tata Motors' vision is aligned with that of the government, that is, electrification being the cornerstone of Prime Minister Narendra Modi's climate change and carbon reduction goal. Electric vehicles are also seen as a way to help the country cut its oil import bill as well as reduce pollution in major cities.

The government aims for electric models to make up 30% of total passenger car sales in the country by 2030, up from about just 1% today, while it aims for e-scooters and e-bikes to account for 80% of total two-wheeler sales, up from about 2%. Tata Motors is at the forefront of this electrification goal in the passenger car segment.

Tata Motors recently reported its June sales figures and reported the highest ever monthly sales for its electric cars with 3,507 units sold while it sold 9,283 units during the first quarter of FY2023. Tata Motors currently holds the biggest share of the Indian electric passenger car market with its models - Nexon EV and Tigor EV. The automaker is also working on a range of new products that will come with electric powertrains.