Tata Motors, the country’s third largest car maker expects more than half of its sales to come from battery electric vehicles and compressed natural gas-powered vehicles.
This essentially means, the share of EVs from its total sales will double from 12% at present to 25% in the next couple of years and the share of CNG will grow from 14% to 25%.
Speaking to media post the Q3FY24 earnings call, P B Balaji, Group CFO of Tata Motors said that he expects the penetration of EVs will rise on the back of new product launches, expanding charging network and growing awareness.
On the growing role of alternative powertrains Balaji said, “Prior to the launch of CNG and EVs, the monthly sales of Punch SUV was 10,000 units, post the market introduction, in January we sold over 18,000 Punch vehicles. The share of EVs as well as CNG will continue to grow,” added Balaji.
Tata Motors, on its part, has already introduced the dual CNG variant on Altroz and Punch and at the Bharat Mobility Show, the company showcased the CNG variant of its most successful SUV Nexon too.
On the EV front, the company already sells Tiago, Tigor, Punch and Nexon and the portfolio is set to grow to half a dozen with the addition of Curvv and Harrier EV in 2024.
Apart from the addition of new products, Tata Motors has also partnered with various charge point operators to set up a network of 17,000 charging stations across the country.
With battery prices falling and the expected PLI benefits, Tata Motors claims that there is potential for ICE and EV vehicles to be around the same price point in two years, which will drive sales and growth in the coming years.
With the incremental volumes of Punch, Curvv and Harrier EV, Tata Motors is set to cross 1 lakh units in annual volumes in 2024.