Tata Motors reaffirms EV stake with declaration to sell 50,000 units this year

Indian automaker Tata Motors’ chairman N Chandrasekaran, during a shareholder meeting, announced the company’s intentions of selling up to 50,000 electric vehicles over the course of the 2022 fiscal year and double that figure for the 2023 and 2024 period.

This news comes in after a slew of announcements by the company in their push to leverage the electrification movement and gain a stake within the growing sector.

Chandrasekaran stated Tata’s hopes in mind of the expected performance improvements the company is expecting this fiscal year: “We continue to work closely with our customers and ecosystem partners to mitigate risks and manage uncertainties. Accordingly, we expect performance to progressively improve through the year with the second half of FY23 being notably better than the first half,” he stated.

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Earlier this year in April, Tata Motors also announced their expectations of bolstering yearly production of EVs to over 80,000 units for the 2022 financial year, Reuters reported.

2021 saw the automaker announce plans to launch 10 EV models by March 2026, investing about $2 billion on new vehicle architecture, related technology and infrastructure.

Tata accounts for 90% of India’s EV sales – a segment that still only represents 1% of the country’s annual sales of about 3 million vehicles.

Rolling out more EVs is reportedly a central aspect of India prime minister Narendra Modi’s carbon reduction agenda. The country has also stated its intentions of rapidly increasing EV use and buy in. In line with this, India wants electric models to make up 30% of total passenger car sales by 2030.

This news was originally reported by Reuters.