On World EV Day, Tata Motors has announced expansion of its passenger vehicle portfolio. The company, which already has the Nexon EV and Tigor EV driving its electric mobility in the PV market, now plans to roll out the electric version of the Tiago hatchback. The Tiago EV will, most likely, be India's most affordable electric passenger vehicle.
Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said, “World EV Day is indeed a special day for us, as we look back and reflect on our journey so far. We are proud to lead the EV market in India, with a lion’s share of 88%. As early entrants, we have shaped the market and seen it grow with Nexon EV and Tigor EV. We have over 40,000 Tata EVs plying on road and we are grateful to the early adopters who have shown faith in the brand. Leveraging group synergies, we have also established Tata UniEVerse, a one-of-its-kind EV ecosystem, which is further propelling the EV adoption.
Chandra added, “Earlier this year, we had unveiled our three-phased approach towards building a comprehensive EV portfolio. As we accelerate our future journey, we are committed to launch 10 EVs in different product segments, body styles and affordability levels. Today, is a momentous occasion for us, as we announce the expansion of our EV portfolio further with a new mainstream intervention from the stable of Tata Motors, the Tiago EV. As a leader, we are now pioneering the next phase of the EV market expansion, which will bring all the EV benefits of an exciting yet easy drive, silent cabin, low cost of ownership to a more accessible level.”
EVs as a strategic growth path
Tata Motors has a strong and strategic PV market advantage with its EVs. With every passing year, the share of EVs to the carmaker’s overall passenger vehicle sales (which are seeing strong YoY growth) is increasing. This can be gleaned from the rising trend – 0.06% in FY2018, when it introduced the Tigor EV, to 1% in FY2020, 1.89% in FY2021, 5.15% in FY2022 and7.62% in the first five months of FY2023.
The company has to thank the game-changing Nexon EV for this sterling market performance, albeit it can be said Tata has faced little competition. That is until now. The just-revealed all-electric Mahindra XUV400, with a 456km certified range from its 39.4kWh lithium-ion battery pack, will be the first real rival to the Nexon EV, which has had a free run of the growing ePV market in India.
The Nexon EV, which is India's best-selling ePV, is also increasing its contribution to the overall Nexon portfolio’s sales. From 286 units and 0.66% of total Nexon (ICE & EV) sales in FY2020, the Nexon EV’s share grew to 5.96% in FY2021 with 3,805 units out of 63,756 Nexon sales, and rose further to 11.18% in FY2022 with 13,879 units out of total Nexon sales of 124,130 units.
While specific details for the launch of the Tata Tiago NV have not yet been released, expect the stylish hatchback to draw a new lot of buyers which is likely poised to be the most-affordable EV offering in India. What's more, with its compact footprint, an electric Tiago would also mean stress-free driving in urban India.
Tata Motors sells 17,150 EVs in April-August, 90% of entire FY2022 EV tally