Tata Motors Forecasts 40% Growth in EV Industry by 2024

Tata Motors, a key player in India's electric vehicle (EV) landscape, currently holds 70% share of the country's electric passenger vehicle sales. Anticipating robust growth, the company expects EV sales in India to surge by 30-40% in the calendar year 2024. This follows a remarkable doubling in size during 2023.

In 2024, Tata Motors is set to launch three new EV models, offering them at "new" price points. These additions aim to diversify the existing range of passenger EVs and will be priced between ₹8-30 lakh. With the EV market's base expected to reach nearly 90,000 to 1 lakh cars, a growth of 30-40% is deemed achievable.

Projections, Challenges and Solutions in EV Adoption

This year, the total sales of regular cars are expected to grow by 7-8%, reaching 4.1 million units. On the other hand, electric vehicles (EVs) are anticipated to even higher growth in the double digits, with sales expected to reach 90-100,000 units, compared to around 50,000 units last year. However, in 2024, the growth in regular car sales is predicted to be less than 5%.

Tata Motors recognizes that a big challenge for more people adopting electric vehicles (EVs) in India is the lack of well-established charging stations. To overcome this hurdle and expand the market, Tata Motors’s managing director, Shailesh Chandra, has outlined plans to launch EVs with longer ranges, exceeding 400 km, next year. Additionally, investments from different parties in improving the charging infrastructure are anticipated to ease worries about charging and encourage more people to choose EVs.

Chandra highlights that the limited charging stations are a big reason why people hesitate to pick electric cars as their main mode of travel. To tackle this issue, they plan to launch longer-range electric cars and work with charging station operators and oil companies to place chargers on popular routes.

Tata Motors aims to grow faster than the market by launching new electric vehicle (EV) models, addressing charging infrastructure challenges, and offering a diverse range of EVs priced between ₹8 lakh and ₹30 lakh. Tata Motors is also making investments in EV-exclusive showrooms and experience centers, with plans to open over 50 of these stores in the next 12-18 months.

Final Words

Tata Motors is optimistic about the future of electric vehicles (EVs) as prices become more competitive, and charging infrastructure improves. To prepare for this, the company is establishing a new identity for its EV brand and launching exclusive showrooms dedicated to EVs, starting with the first store in Gurugram in January 2024.