- 05 Jul 2022
- ICICI Securities
Tata Motors reiterates commitment towards electrification in AGM
TATAMOTORS - 465 Change: -3.65 (-0.78 %)News: As per media sources, the company’s chairman at the AGM held yesterday reiterated his commitment towards electrification with target of selling 50,000 electric vehicles (PV) domestically in FY23E and 1,00,000 units thereafter in FY24E. They also guided for 5 lakh PV sales volume in FY23E
Views: With present monthly EV sales run-rate of ~3,500 in the PV space, the company looks comfortably placed to clock ~50,000 sales volume in FY23E. Even on the PV front with June 2022 volumes at ~45,000 units, the 5 lakh target seems achievable. The key monitorable for the company, going forward, is the closure of Ford’s Gujarat’s plant acquisition and ramp up of the same (capacity scalable to 4 lakh units per annum)
Impact: Neutral