Tata Motors has announced that by 2025, it will add 10 new electric vehicles (EV) to its portfolio and invest in EV charging infrastructure. N Chandrasekaran, Chairman of Tata Motors, stated during the 76th annual report to shareholders that the company's electric vehicle (EV) penetration has doubled to 2% this year, and that the company expects the penetration to grow exponentially in the future years. Tata Motors intends to lead the way in the Indian market by launching 10 new BEV vehicles.
Tata Motors is already the country's largest EV player, with 2 different electric vehicles – Nexon EV and Tigor EV – on the market. Nexon EV has become India's best-selling electric passenger vehicle, having sold over 4,000 units since its launch in January 2020. The Altroz electric version is expected to be launched in the coming months.
Jaguar and Land Rover, two British luxury car manufacturers of Tata, will undergo similar changes. Jaguar plans to become an all-electric luxury brand by 2025, while Land Rover expects to generate 60% of its sales from EVs by 2030.
Tata Motors also said that globally, more attention and scrutiny will be placed on building environmental sustainability and climate resilience into the very core of business models, and Tata Motors plans to make sustainable business models "a bedrock of its strategy" to confront and utilize these megatrends.
In addition to considering collaborations in cell and battery manufacturing in India and abroad, Chandrasekaran stated that the company will invest in charging infrastructure.
Tata Motors is considering setting up software and engineering verticals within the group, according to Chandrasekaran. This vertical will assist the company in becoming a leader in the connected and autonomous car industry. The Chairman stated that the Tata Group will move forward with speed and scale to seize the change in consumer behavior that is sustainable mobility.
Tata Motors is experiencing its most significant transformation yet, with plans to spin off its passenger vehicle division as well as electrify its British brands, Jaguar and Land Rover.
By the end of the September quarter, the company hopes to have completed its subsidization program for its passenger vehicle (PV) sector. This will make it easier to onboard a partner.
The passenger vehicle division responsible for the development, manufacture, distribution, and sale of cars, SUVs, and vans will be split up. This step will make it easier to sell the company's shares to a strategic partner.
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