EV industry to grow up to 40% in 2024: Tata Motors

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Tata Motors, which occupies nearly 70% of India’s electric passenger vehicle sales at present, expects sales of EVs in India to grow 30-40% in 2024 (calendar year), after nearly doubling in size in 2023, a top company official said. Tata Motors is lining up three new models for launch in 2024, which will be offered at “new" price points, expanding its current range of passenger EVs, and will fall in the broad range of ₹8-30 lakh.

“There are a lot of new model actions lined up for next year. I believe that now that the base of the EV market will be large at nearly 90,000 to 1 lakh cars, on this base a 30-40% growth should be good," Shailesh Chandra, managing director of Tata Motors’ passenger vehicle and passenger electric mobility divisions said.

This year, the passenger vehicle market is expected to clock a total of 4.1 million units in sales, a growth of 7-8% over 2022, while for EVs the growth will be roughly double, about 90-100,000 units compared to close to 50,000 units in sales last year. Further in 2024, Chandra expects a sub-5% growth for the passenger vehicle market as sales touch all-time high levels this year.

“We aspire to grow faster than the market because we are adding new products this year, we had a big challenge in the last two years where we didn’t have a new product", he said, adding, “For EVs, we have seen growth rates really get triggered by new models at a more affordable price. We saw a 100% growth this year, because last year average price points for EVs were around ₹17-18 lakh with the Nexon being the leading product in the market.

Then, in January this year we launched the Tiago, which generated a lot of volume growth from its affordable price point (sub ₹10 lakh)," he said. Chandra believes