As per media sources, Tata Motors expects 20% of its sales in PV domain to be contributed by electric vehicles in the next two to three years. Also, the company reiterated its commitment to sell 50,000 EVs in FY23E. The company also indicated that its product portfolio will be E20 compliant by 2025.
Tata Motors is on track to achieve EV sales target in FY23E with currently monthly run-rate at 4,000 vehicles, taking its EV penetration to 10% in FY23E vs. 5% in FY22. For 20% penetration by FY26E, we expect the company to clock EV sales of 1.2-1.5 lakh units. Key monitorable, going forward, for the company is the launch of Tiago EV, which would enhance the company’s offering in the budget EV space.
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