Tata Motors’ electric car biz clocks $1.1 billion revenue in FY24

Tata Motors’ electric cars business that sold 73,844 units in FY24 clocked $1.1 billion (Rs 9,300 crores) revenue in FY24 and is on track to expand its EV portfolio to 10 models by FY26. The company is, by far, the largest player in India's rapidly evolving electric passenger vehicle market.

The company, in its annual report, also said that during the year, more than 2.8 billion kms were driven by Tata EVs. “We continued to lead the way in EVs, with 70%+ market share. With 1,50,000 cumulative EV production, a milestone achieved by few car manufacturers globally, we sold 73,844 EVs during the year to register a growth of 48% over FY23. To create distinction, we introduced a new customer-facing brand identity built on the pillars of sustainability, community, and technology exclusively for EVs –Tata.ev and inaugurated EV only stores to provide the differentiated experience that EV customers expect,” Shailesh Chandra Managing Director, Tata Motors Passenger Vehicles Limited & Tata Passenger Electric Mobility Limited said.

According to the company, the growth was driven by increased customer adoption of EVs, as barriers to adoption are increasingly being addressed.

The company also aims to initiate open collaborations with charging ecosystem providers and has partnered with several charge point operators as well as oil marketing companies to optimise the company's plans of installing more than 22,000 public chargers over the next 12-18 months, the report said.

The Indian EV industry witnessed 70% growth in FY24, with over 1 lakh unit sales volume in the year as compared to 58,000 units in FY23.

By 2025 Jaguar is on track to become all electric, the company said. “We aspire to pave the way for the electrification and mainstream EVs in India by offering the widest EV portfolio, addressing barriers to adoption and ecosystem enablement. JLR In February 2021, Jaguar Land Rover business announced a change in direction under its new Reimagine strategy. At the core of this is the rapid electrification of both Jaguar and Land Rover. JLR aims to achieve net zero carbon emissions across its supply chain, products, and operations by 2039 with all brands offering pure-electric options by 2030,” the report said.

In December 2023, JLR opened the waiting list for the new Range Rover Electric and it gained 13,000 signatures in the first 28 days of going live. “Range Rover Electric will lead the way for electric propulsion capability, refinement and luxury travel, with the first vehicle prototypes now deployed at some of the world’s most challenging test locations. The all-electric drivetrain is now being put through its paces at extremes of temperatures, from -40°C in the Arctic Circle, to +50°C in the searing deserts of the Middle East. The first of the three reimagined Jaguars will be a 4-door GT, with a range up to 700 km (430 miles) with prices starting from £100,000,” it adds.

On the commercial vehicles front, more than 1,700 EV buses were deployed in FY24. “Our commercial vehicles has taken a lead in the electric mobility space, with over 2,600 electric buses now plying on Indian roads. We were the first in the industry to receive India’s first auto PLI certificate in the four-wheeled goods vehicle category (N1 – Tata Ace EV models) and for the 12m fully-built bus in the M3 category,” the report said.

“TML Smart City Mobility Solutions successfully deployed 1,100+ E‑buses across four cities including ensuring E‑bus operations in sub‑zero conditions. With 2,000+ E‑buses on the road, 14 crore cumulative kilometres covered, and 95% availability, we continue to make commuting safer, comfortable and convenient for millions of passengers every day,” Girish Wagh Executive Director, Tata Motors Limited said.

The company continues to bet on EVs on the back of the country’s strong regulatory support to drive adoption of emission-friendly vehicles. “The government has focused on providing support to electric vehicles, which are zero-emission vehicles. Over the past few years, there has been support from the government in the form of preferential GST rates, FAME incentives and state incentives, most of which persisted during FY24. The government has also supported the growth of the EV ecosystem by driving localisation with the PLI scheme and Phased Manufacturing Plan,” the company said.

Meanwhile, on an overall basis, Tata Motors sold over 1.38 million vehicles in the year ended March, generating revenue of Rs 4.37 lakh crore and profit of Rs 31,807 crore. During the last financial year, the company spent Rs 29,308 crore in R&D with 670 patents. About 40% of the energy consumed by Tata Motors comes from the renewable sources, with 3 of its plants certified as Water Neutral or positive.