“Customer needs are getting very individualistic. Going ahead we will maintain our growth momentum and work towards further strengthening our portfolio,” said Chandra.
The company presented 12 cars, including 5 electric models, and 14 trucks, including hydrogen fuel cell-powered ones, as part of its efforts to increase its clean vehicle offerings. The electric cars featured included versions of the popular Harrier and Sierra SUVs, as well as a concept car based on a new electric vehicle platform set to debut in 2025.
Tata Motors, with sales of 50,000 electric vehicles, leads India’s EV market with the help of government incentives and high import tariffs. The company plans to introduce 10 electric models by 2026. Despite India’s large population, its car market is relatively small, with electric models accounting for only 1% of total car sales, about 3 million annually. However, the government aims to increase this to 30% by 2030.
“The transition to electric mobility in India will happen much faster than we are imagining. We are confident that we chose the right strategy,” N Chandrasekaran, Tata Motors’ chairman, said during the event.
Tata Motors’ success in the electric vehicle market can also be attributed to its partnerships with other Tata group companies such as Tata AutoComp, which supplies EV components such as batteries and motors, and Tata Power, which is establishing charging stations in urban areas and along highways.
The car manufacturer is exploring opportunities to manufacture and source more parts like battery cells and motors locally, and is also evaluating potential export markets for its electric cars, according to the company’s managing director. As India’s third largest car maker, in 2021 Tata raised $1 billion from TPG for its EV unit, valuing it at $9 billion. The managing director said the company currently has enough funds to meet its expansion plans.