By Tata Motors is planning to expand its electric lineup, aiming for EVs to contribute 15-17 per cent of its total volume by the end of 2024. Currently holding an impressive 75 per cent market share in the EV sector, the company anticipates good demand for its latest all-electric model, the Punch EV. In the last calendar year, Tata Motors achieved a milestone with its best-ever EV sales, reaching 69,153 units and marking a substantial 62 per cent year-on-year growth. The Punch EV, an addition to Tata Motors’ EV portfolio that already includes the Tiago EV, Tigor EV, and Nexon EV, is going to be key for the growth.
Looking ahead, Tata Motors has plans to introduce the Curvv and Harrier EVs in the current year, with further expansion of its EV lineup in the following year, featuring the Sierra EV and Altroz EV. Presently, Tata Motors contributes around 12-15 per cent of its volume to EVs, with expectations to increase this to 15-17 per cent by the close of 2024. The company envisions EV penetration in its overall portfolio reaching 25 per cent in the next three years and a notable 50 per cent by 2030. To meet the potential surge in demand for the Punch EV, Tata Motors is prepared to enhance production capacity at its newly operational plant in Sanand, Gujarat.
With the introduction of the Punch EV, Tata Motors has shifted to a Gen-2 ground-up EV architecture named Acti.ev, reflecting a substantial increase in its investment in EV technology. The Punch EV is strategically positioned between the Tiago EV and Nexon EV, targeting a younger demographic seeking a versatile and high-value product. With over 65 percent of buyers being tech-savvy individuals below the age of 35, Tata Motors believes the Punch EV, boasting a range of over 400km, will cater to a new customer segment interested in an all-encompassing EV experience beyond city limits.
