EV Market to Increase by 40% by 2024: Shailesh Chandra from Tata Motors

Tata Motors
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According to a senior corporate official, domestic automaker Tata Motors, which currently accounts for almost 70% of the country’s sales of electric passenger vehicles, anticipates that sales of EVs would increase by 30–40% in 2024 (the calendar year) following a nearly doubling in size in 2023.

In 2024, Tata Motors plans to introduce three new models that will be priced between ₹8 and 30 lakh, offering its current line of passenger electric vehicles at “new” pricing points.

“Many new model actions are planned for the upcoming year. “I think a 30–40% growth should be good on this base, since the base of the EV market will be large at nearly 90,000 to 1 lakh cars,” stated Shailesh Chandra, Managing Director of Tata Motors‘ passenger vehicle and passenger electric mobility divisions.

The market for passenger vehicles is predicted to reach 4.1 million units this year, up 7-8% from 2022. The increase for electric vehicles (EVs) is estimated to be nearly double, reaching 90-100,000 units from sales of around 50,000 units last year. Chandra anticipates that the passenger vehicle market would expand by less than 5% in 2024, even though sales will have reached record highs this year.

“We want to expand faster than the market since we are introducing new goods this year. The last two years were quite difficult for us because we didn’t have any new products,” he continued. “For EVs, new models at lower prices have really sparked growth rates,” he continued. This year, we witnessed a 100% growth, since the typical price points of EVs were approximately ₹17-18 lakh in the previous year, with the Nexon being the top product on the market. Then, in January of this year, we introduced the Tiago, which, thanks to its low price point (around ₹10 lakh), produced significant volume increase,” he stated.

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