Tata Motors expects industry EV sales growth in India to moderate to 40-45% this year

The company, which launched Punch.Ev on Wednesday, plans to introduce four more EV models this year, Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said. It is expecting to grow faster than the industry EV growth rate, he added.

As for Tata Motors, he said with five EV products lined up for launch, the company expects to beat the industry growth rate. Image Courtesy: Reuters.

Tata Motors expects the industry sales growth of electric vehicles in India to moderate to 40-45 per cent this year with the base becoming bigger, a top company official said on Wednesday.

The company, which launched Punch.Ev on Wednesday, plans to introduce four more EV models this year, Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said. It is expecting to grow faster than the industry EV growth rate, he added.

"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.

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As for Tata Motors, he said with five EV products lined up for launch, the company expects to beat the industry growth rate.

When asked about EV penetration in the overall sales of the company, he said, "Currently we are between 12 to 15 per cent. Fortunately, we are also growing in ICE (Internal Combustion Engine). So, the denominator keeps changing." In 2023, Tata Motors sold a total of 69,153 units of EVs.

Further, he 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." Chandra said apart from Punch.Ev, Tata Motors will launch the Curvv, Harrier EV, Sierra and Altroz EV this year, most of which are expected in the second half.

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