To hasten the adoption of EVs, Tata Motors changes course and places a higher priority on market growth

To hasten the adoption of EVs, Tata Motors changes course and places a higher priority on market growth

Although the firm did not meet its FY24 revenue objective, it is nevertheless optimistic about surpassing expectations in this fiscal year. Tata Motors' commitment to EV growth was emphasized by Group CFO PB Balaji, who also disclosed intentions to introduce the Curvv EV as part of their goal.

Balaji emphasized Tata Motors' commitment to EV development during a conference call for results, including intentions to introduce the Curvv EV as part of their approach.

According to company CFO PB Balaji, Tata Motors is moving its emphasis in the electric vehicle (EV) sector from early adopters to wider market growth plans. The goal is to remove obstacles that EV customers must overcome, such as total cost of ownership and the availability of charging infrastructure.

Although the firm did not meet its goal of selling one lakh electric passenger cars in FY24, it is still hopeful about reaching this milestone in the current fiscal year. Balaji said that when it comes to manufacturing choices for its subsidiary Jaguar Land Rover (JLR) and incentives under India's new EV policy, Tata Motors is leaving all options open.

Balaji emphasized Tata Motors' commitment to EV development during a conference call for results, including intentions to introduce the Curvv EV as part of their approach. While the number of early adopters is decreasing, he pointed out that a new generation of consumers needs assurances about things like total cost of ownership, model diversity, and charging infrastructure.

Balaji emphasized the company's focus on removing obstacles to EV adoption by framing the present market period as one of exciting advancement rather than a hurdle. By working with charge station operators to install around 22,000 chargers and encouraging the combination of EV use and rooftop solar panels, Tata Motors hopes to hasten the adoption of electric vehicles.

Even though Tata Motors sold 73,800 passenger electric vehicles in FY24—a 48% increase from FY23—the company still intends to sell more than the 1,00,000 units it set out to sell in this fiscal year. Balaji said that JLR is exploring all of its options with regard to participating in India's new EV policy incentives, and that plans would be disclosed as soon as clarity is obtained.

The goal of India's new EV policy is to incentivize local manufacture of electric passenger vehicles by offering cheaper customs and import duties to firms who construct EV manufacturing facilities for a certain time.

For the fiscal year 2025, Tata Motors has set aside Rs 43,000 crore for cutting-edge technology and product development. The decision was made as the semiconductor crisis began to ease and demand for Jaguar Land Rover (JLR), a UK-based subsidiary, as well as independent businesses, was predicted to continue.

A senior corporate official informed reporters that about Rs 8,000 crore would be spent on Tata Motors' standalone business during FY 2024–2025, while 35,000 crore (3.5 billion pounds) will be invested in the JLR entity.