Tata Motors eyes 1 lac EVs by FY24

July 4, 2022
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Company to add 10 new EVs to it product portfolio with an aggressive 25% market share target by 2025

N Chandrasekaran, Chairman of Tata Motors speaking to shareholders at their 77th Annual General Meeting (AGM) regretted the recent fire incident involving the Tata Nexon. “ Its a one off incident and the R&D team is working on getting to the bottom of the incident and we will do our best not to repeat such incidents in the near future." Chandra echoed the concern expressed by his shareholders.

On the future EV plans he confirmed that the company plans to sell 50,000 passenger electric vehicles in FY-23 and 1,00,000 units by 2024. He also shared his future plans stating adding 10 new EVs to the existing product portfolio that will push the company’s market share by 25% by 2025 backed by robust demand that has swelled its sales from just 5000 units in FY 21 to  19,500 units presently.

Tata Motors has confirmed to invest $2 billion in the passenger electric vehicle business with the firm expecting its second tranche from TPG in the third quarter of FY 23 post having invested  Rs 7,500 crore last year.

As for ramping up capacities, Chandrasekaran confirmed that the acquisition of Ford factory in Sanand will add to the existing capex plans and will help the firm to cater to the growing demand.

Sharing his annual overview at the AGM,  Chandrasekaran said the domestic business had garnered sales growth of 49 percent by volumes and 11.5 percent by revenues. "Despite the margins being impacted by supply chain issues and runaway commodity inflation, India business ended with strong free cash flows of Rs 1,879 crore” he said 

On the company’s  financials Chandra remarked that in FY22, global wholesales increased by 20 percent to 10,86,734  vehicles and revenue stood at Rs 278,454  crore -  11.5 percent higher as  compared  to  FY21. The Passenger Vehicles segment was once again the standout performer during the year recording its highest ever domestic annual sales of 370,354 units recording a 67% growth over FY21. “Preference for our ‘New Forever’ range of vehicles continues to rise and we introduced over 25 new products and variants to lead in the fastest growing market segments. The launch of India’s first sub-compact SUV “Punch” and CNG powered “Tiago” and “Tigor” added further zest to our vehicle mix to deliver incremental volumes.”

The overall market share in Passenger Vehicles grew to 13.4% in Q4 FY22 and  Nexon is now consistently ranked as India’s No. 1 SUV and Punch consistently lists in the top 5 SUVs sold every month.

Last year the company sold 3,70372 units of total passenger cars for FY22 sales; the target  for FY 23 stands in excess of 5,00,000 units, Chandra said.

On  Jaguar Land Rover (JLR) Tata Chairman said the award-winning Defender, New Range Rover as well as the new Range Rover Sport are raking in good demand and the company has a strong order book pipeline

Chandra emphasized the single largest challenge at JLR is to seek lower breakeven levels and overall cost reduction to move towards profitability while addressing the supply side issues to maintain prudence costs and in mitigating inflation related headwinds this year.

“Jaguar Land Rover has embarked on the “Reimagine” journey to embrace an “electric future” and we are making rapid progress in our plans for developing a new generation of electric vehicles with our all-electric Jaguar strategy and BEV first EMA platform for new Land Rover products.” He confirmed

On possible entry in electric two wheelers he categorically denied such plans while confirming that the company was deliberating taking a berth in the tractor business. 

"While the near-term outlook may be fluid with multiple challenges that I outlined above, the business is taking the right actions to navigate them, and I am confident that we will emerge stronger.: he explained to the shareholders

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