Thursday, June 27, 2024
By Kamal Swami
Tata Motors Targets To Grab 20% Of PV Market In India
The domestic carmaker Tata Motors expects the passenger vehicle market of India to grow by 60 lakh units by FY 2030. With this, the carmaker has also revealed its plan to grab 18-20% of the PV market in India by selling around 12 lakh units of PV annually by the end of this decade. Till the last financial year, the company had a 13.9% share in the Indian car market.
Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, revealed the company’s strategy to achieve this goal in a report to PTI. According to him, Tata Motors plans to launch a wide range of new cars across all types of powertrains including, petrol, diesel and electric. The automaker focuses on SUVs and electric vehicles to drive its market share to 20% by FY30.
Moving ahead, Chandra emphasized the importance of SUVs and EVs in Tata Motor's strategy, projecting a 6% annual growth in the Indian PV market from FY25 to FY30. In his words, an increase in disposable income and shorter vehicle ownership periods are expected to fuel this growth. The company anticipates a shift towards upgraders and additional car buyers, reducing the share of first-time buyers.
Tata Motors also plans to make a significant investment of ₹18,000 crore over the next five to six years. This investment will be used to launch new electric cars and the expansion of EV charging infrastructure. The company aims for 30-40% of its overall PV sales to come from electric vehicles by FY30. Chandra highlighted the upcoming stringent CAFE 3 (Corporate Average Fuel Efficiency) norms set for 2027 as a catalyst for EV sales, making compliance difficult without incorporating EVs into the mix.
