Tata Motors Aiming to Sell 50,000 Electric Vehicles in this Fiscal Year

N Chandrasekaran, chairman of Tata Motors, said is aiming to sell around 50,000 electric vehicles in the fiscal year in India ending March 31, 2023, and will be doubling the figures in 2023/2024 period. During the 2021/2022 fiscal year, the company has sold 19,105 electric vehicles, along with witnessing a growth of 353 percent from the past fiscal year.

The company is also hoping to improve the overall performance this fiscal year as the overall supply situation, including that of the semiconductors, is gradually easing as the commodity prices have been stabilizing.

N Chandrasekaran, they continue to work closely with their customers and ecosystem partners to mitigate the risks and is also expecting performance to progressively improve through the year.

The vision of Tata Motors is aligned with that of the government of India, which is the electrification being the cornerstone of Narendra Modi, prime minister of India and his goal of climate change and carbon reduction. The electric vehicles are also seen as a step to provide help to the country decreasing its oil import bill along with decreasing the pollution in major cities of the country.

The government of India is aiming for electric model to make up around 30 percent of total passenger car sales in the country by 2030, increased from around 1 percent today, while the company is aiming for the e-scooters and e-bikes to account for 80 percent of the overall sales of two-wheeler sales.