© Reuters. FILE PHOTO: Tata Motors’ electric sport utility vehicle (SUV) Nexon EV on show during its launch in Mumbai, India, January 28, 2020. REUTERS/Hemanshi Kamani/File Photo
NEW DELHI (Reuters) – Tata Motors (NYSE:) aims to sell about 50,000 electric vehicles (EVs) in the fiscal year to March 31, and double that in the 2023/24 period, Chairman N Chandrasekaran told a shareholders’ meeting on Monday.
In 2021/22, Tata Motors sold 19,105 EVs, a growth of 353% from the previous fiscal year.
Chandrasekaran also said that his company’s performance is expected to improve in this fiscal year as the overall supply situation, including that of semiconductors, is gradually
improving and commodity prices are stabilizing.
“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,” he said.
Electrification is the cornerstone of Indian Prime Minister Narendra Modi’s climate change and carbon reduction agenda and EVs are seen as a way to help India to cut its oil import bill and reduce pollution in major cities.
India wants electric models to make up 30% of total passenger car sales in the country by 2030, up from about 1% today, and e-scooters and e-bikes to account for 80% of total two-wheeler sales, up from about 2%.