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

Tata Motors expects the industry sales growth of electric vehicles in India to moderate to 40-45 percent 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 percent 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 percent to 45 percent," Chandra said.

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 percent. 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 percent of total sales with all the products that we are going to launch. 2024 should be around 15-17 per cent."