Indian automobile companies are pushing into the electric vehicle segment and brands like Tata Motors are planning to increase their sales. Tata Motors aims to sell around 50,000 Electric Vehicles (EVs) this financial year and double the sales in the period 2023/24. The company’s chairman N Chandrasekaran gave this information in the shareholders’ meeting on Monday. In the year 2021/22, Tata Motors sold 19,105 EVs, an increase of 353 per cent over the previous financial year.
Chandrasekaran also said that the company’s performance is expected to improve this fiscal as overall supply conditions, including semiconductors, are gradually improving and commodity prices are stabilizing, according to a Reuters report. We will continue to work with our customers and ecosystem partners to mitigate risks and manage uncertainties, he added. The performance is expected to improve with the second half of FY2023.
Last month, Tata Motors said that it has received an order for the supply of 10,000 XPRES-T EV units from BlueSmart Electric Mobility. In a statement, the company had said that the deployment of 10,000 units makes it the largest EV fleet order ever in India. Their delivery is expected to start soon.
It is worth noting that in October last year, both the companies had signed an agreement to order 3,500 XPRES-T EV. These will be used by passengers across the country. Increasing use of electric vehicles will help India reduce its carbon footprint.
Electrification is the basis of Prime Minister Narendra Modi’s agenda of climate change and carbon reduction. And the electric vehicle segment is seen as a way to reduce the country’s oil import costs and contribute to reducing pollution in major cities.
India wants electric models to account for 30 percent of the total passenger car sales in the country by 2030. It is about 1 percent today. Similarly, the target is to take the share of e-scooters and e-bikes to 80 per cent of the total two wheeler sales by 2030 from just 2 per cent at present.