Published On:June 12 2024
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Tata Motors Plans ₹18,000 Crore Investment for EVs by FY30

Tata Motors has set forth its vision for the future of electric vehicles (EVs) by revealing plans to invest between ₹16,000 crore and ₹18,000 crore into its EV division until the financial year 2029–30 (FY30). The announcement, made on Tuesday, underscores the company's commitment to pioneering sustainable mobility solutions.

Currently offering four electric car (e-car) models, Tata Motors aims to expand its EV portfolio significantly, with plans to launch an additional six models by March 2026. The company, India's third-largest carmaker by sales, is targeting a 20% share in the passenger vehicle (PV) market by FY30.

In a strategic move outlined during a presentation to investors, Tata Motors emphasized its proactive strategy to drive the mainstream adoption of EVs in India. This strategy includes expanding its EV product range to offer a broader selection of options with improved range and achieving price parity with internal combustion engine (ICE) cars.

Furthermore, Tata Motors plans to ramp up its network of e-car dealerships to 50 cities within the next two years. Collaborating with private charge point operators, such as ChargeZone, Glida, and Statiq, the company aims to significantly increase the number of public charge points across the country, reaching approximately 100,000 by FY30.

The company also aims to boost the number of community charge points, which currently stands at about 4,300, to 100,000 by FY30, aiming to alleviate range anxiety and enhance the overall ease of EV ownership.

Notably, Tata Motors aims to increase the proportion of its e-car customers utilizing rooftop solar for vehicle charging from the current 10–15% to about 50% by FY30.

In FY24, India witnessed a significant surge in e-car sales, reaching 90,996 units, marking a year-on-year growth of 91.37%, according to data from the Federation of Automobile Dealers Associations.

Tata Passenger Electric Mobility, a subsidiary of Tata Motors, dominated the Indian e-car market, securing a commanding 70.57% share in terms of volume in the last financial year.

The presentation also revealed Tata Motors' expectation of achieving Ebitda break-even for its EV division by 2025–26.

While Tata Motors spearheads the EV revolution in India, it is not alone in its ambitious endeavors. Competitors like Mahindra & Mahindra (M&M) have also allocated significant investments in their EV arms, underscoring the industry's collective push towards sustainable mobility solutions.

With these developments, the Indian automotive landscape is poised for a transformative shift towards electric mobility, with players across the industry investing heavily to capitalize on this burgeoning market opportunity.

BS





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