Tata Motors’ electric vehicle (EV) business reported robust revenue of ₹9,300 crore for the financial year 2023-24, reflecting the company’s strong market position and increasing consumer acceptance of EVs. The company’s Annual Report highlights significant growth in volumes and savings on commodity costs, enabling the EV segment to achieve positive earnings before interest, tax, depreciation, and amortisation (EBITDA) at 1.1% in the fourth quarter, excluding product development costs.

Tata Motors maintained its leadership in the EV market with wholesale volumes reaching 73,844 units, marking a 47.5% year-on-year increase. In retail, the company commands a dominant 73.1% market share, as reported on the Vahan portal. Tata Motors’ EV portfolio includes five models: the Tiago EV, Tigor EV, Punch EV, Nexon EV, and Xpress T.

The year also saw Tata Motors launching its EV identity, Tata.ev, alongside a network of dedicated dealerships for its EV range. The company has ambitious plans to expand its portfolio, with the Curvv, Harrier, Sierra, and Avinya models slated for future releases. The Curvv EV is expected to hit the market during the festival season this year, while the Harrier EV is anticipated in 2024-25. The Sierra EV and Avinya EV are scheduled for release in 2025. The Avinya will be a premium pure electric vehicle series developed in collaboration with Jaguar Land Rover (JLR) on JLR’s Electric Modular Architecture (EMA) platform.

Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, expressed optimism in the report, stating that while the Indian passenger vehicle industry might moderate to a long-term growth rate after three years of strong growth, the prospects for EVs remain robust. In FY24, the industry saw a 70% growth in EVs compared to FY23. At Tata Motors, the EV segment now accounts for 13% of passenger vehicle (PV) sales.

Additionally, Tata Motors reported a significant increase in its compressed natural gas (CNG) vehicle sales, with the CNG portfolio contributing 16% to its PV sales, totaling over 91,000 units in FY24—2.2 times higher than FY23.

Tata Motors’ performance in the EV sector underscores its commitment to sustainability and innovation, positioning it as a key player in India’s transition to cleaner mobility solutions.