Tata Motors plans to expand its electric car portfolio with new models and higher price points, its managing director said on Wednesday, as it looks to cement its lead as the top selling electric vehicle (EV) company in India.
The carmaker will also offer a choice of ranges for its EVs
so it can address the needs of multiple buyers, including shorter ranges for
city use, Shailesh Chandra, managing director of Tata Motors Passenger Vehicles
and its EV subsidiary told Reuters on the sidelines of India's Auto Expo car
show.
"Customer needs are getting very individualistic. Going
ahead we will maintain our growth momentum and work towards further
strengthening our portfolio," said Chandra.
The company showcased 12 cars, including five electric
models, and 14 trucks, including ones powered by hydrogen fuel cells, as it
looks to deepen its clean vehicle push.
The cars included electric versions of its popular Harrier
and Sierra SUVs as well as a concept car based on its new electric vehicle
platform, which is expected to be launched in late 2025, Chandra said.
With sales of 50,000 electric cars, Tata dominates India's
EV market, helped by government subsidies and high import tariffs, and has
outlined plans to launch 10 electric models by March 2026.
India's car market is tiny compared to its population, with
electric models making up just 1 percent of total car sales of about 3 million
a year, but the government wants to grow this to 30 percent by 2030.
"The transition to electric mobility in India will
happen much faster than we are imagining. We are confident that we chose the
right strategy," N Chandrasekaran, Tata Motors' chairman, said during the
event.
Tata Motors' pole position has also come from working with
other Tata group companies like Tata AutoComp which supplies EV parts like
batteries and motors, and Tata Power which is setting up charging stations in
cities and along highways.
The carmaker is looking at opportunities to produce and
source more parts like battery cells and motors locally and is also studying
potential export markets for its electric cars, Chandra said.
Tata, India's third-largest carmaker, in 2021 raised $1
billion from TPG for its EV unit at a $9 billion valuation. Chandra said it
currently has sufficient funds to meet its expansion needs. © Reuters