Tata Motors, India’s third-largest carmaker announced plans to invest ₹18,000 crore in its EV division by FY30. With this investment, the company plans to achieve a 20% market share in the Indian passenger vehicle market by FY30.
In FY24, India witnessed 90,996 e-car sales, marking a year-on-year growth of 91.37 per cent, according to the Federation of Automobile Dealers Associations. Tata Motors subsidiary Tata Passenger Electric Mobility is the leader of the Indian e-car market, securing a 70.57 per cent share in terms of volume in the last financial year.
Key Highlights
Ambitious Target: Tata Motors aims to capture a 20% share of the passenger vehicle (PV) market by FY30, up from its current 13.81%.
Product Offering: Six new electric car models are planned for launch by March 2026, expanding their EV portfolio.
Charging Infrastructure: Collaboration with private operators aims to increase public charging points tenfold to 100,000 by FY30.
Focus on Home Charging: The company aims to raise the number of EV customers using rooftop solar for charging to 50% by FY30.
EV Division Growth: Tata Motors expects its EV division to achieve “EBITDA break-even” by 2025-26.
Market Expansion: Tata Motors anticipates EV penetration in the Indian car market to reach 20% by FY30, with their portfolio reaching 30% EV penetration.
EV Industry Sees Stiff Competition
Recently, Mahindra & Mahindra (M&M) approved a ₹12,000 crore investment in its EV arm, aiming for EVs to comprise 20-30% of their sales by 2027. Additionally, a new automotive joint venture between SAIC Motor and JSW Group plans to invest ₹5,000 crore in developing new energy vehicles. Maruti Suzuki India (MSIL) and Kia India also have upcoming EV launches planned.
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