Tata Motors projected that its electric vehicle sales will increase by 50% by 2030
Shailesh Chandra, MD of Tata Passenger Electric Mobility, stated at the Autocar Professional India EV Conclave that the transition to Battery Electric Vehicles (BEVs) is not a choice but an imperative. He emphasized that for countries committed to achieving net carbon zero, the question is not whether to transition to BEVs but how quickly it will happen. Tata Motors Electric Vehicle Sales will comprise half of its total sales by 2030.
Tata Motors: Electric Vehicle Sales
Tata Motors has set an ambitious target and aims for 50% of its total sales to come from electric vehicles (EVs) by 2030. Chandra stressed the importance of starting actions now to achieve the net carbon zero target by 2070. Tata Motors aims to be net carbon zero by 2040 as a company. Chandra expressed confidence in reaching the 50% mark by 2030, citing that EVs already account for 15-16% of the company’s total sales and about 20% of its total revenues.
While acknowledging challenges in forecasting the penetration of new technology, Chandra emphasized the need for companies to set targets and collaborate with ecosystem players. He debunked concerns about a slowdown in the EV market, presenting data showing global BEV market growth of 33% in the first nine months of 2023. Key markets such as China, the top five markets in Europe, and the US experienced strong double-digit growth.
Chandra acknowledged some local factors affecting the growth rate, such as economic uncertainty and high interest rates in the US, subsidy reduction in Germany, and consolidation in China post-subsidy reduction. However, he remains optimistic about the strong growth of EVs globally, emphasizing the imperative nature of the transition to BEVs for achieving sustainability goals.
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