TATA Motors is all set to sell 50,000 EVs in this fiscal year

TATA Motors is all set to sell about 50,000 electric vehicles (EVs) this fiscal year to March 31 onwards and is also planning to double its sales by 2023-24.

TATA Motors Chairman N Chandrasekaran has talked about it in a shareholder’s meeting. He mentioned that TATA Motors’ growth has increased by 23% in the previous fiscal year of 2021-22. The company officials are also expecting the growth to increase manyfold in this fiscal year because semiconductor supply chains are improving along with stabilized commodity prices. He added, “We continue to work closely with our customers and ecosystem partners to mitigate risks and manage uncertainties. Accordingly, we expect performance to progressively improve through the year with the second half of FY23 being notably better than the first half.”

The efforts of electrification along with advancing digitalization are the primary focus of India’s Prime Minister Narendra Modi. Electrification of vehicles can consequently reduce pollution and enhance climate change regulations along with reducing carbon emissions. An increasing amount of pollution in the metro cities due to greenhouse gas emissions has resulted in poorly managed climate change performance for India. It is believed that EVs will not only reduce air pollution but also will cut down oil import bills.

Reportedly, India is aiming to increase electric models to make up 30% of total passenger car sales by 2023. Electric vehicles such as e-scooters and e-bikes currently account for 80% of total two-wheeler sales which is increased by 2% from the previous sales record. India’s goal is to transform petrol or diesel-led vehicles into electric models in the future to combat global climate change.