Tata Motors has become a major player in the Indian passenger vehicle market. At the same time, it has captured the lion's share in the Indian electric car market as well. While announcing its Q4 FY24 results last week, the homegrown auto giant revealed that it sold 73,800 electric cars in the last financial year, which recorded a whopping 48 per cent growth over the previous financial year FY23. Additionally, Tata Motors crossed the milestone of 150,000 units of cumulative electric car production in FY24. The company currently holds about 85 per cent market share in the Indian electric passenger vehicle space.

While these sales achievements and milestones come as positive marks for the brand, Tata Motors has also revealed that the early enthusiasm for electric vehicle adoption in India is probably diminishing. Tata Motors' Chief Financial Officer (CFO) P B Balaji revealed that the automaker is well aware of this diminishing early enthusiasm for electric vehicle adoption and is taking the necessary steps to continue its growth momentum despite the challenge. The auto OEM is reportedly focusing on market development for electric vehicles to boost EV penetration in India and address various concerns of the evolving set of consumers.

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While Tata Motors has taken a multipronged approach to continue its EV game, here is a quick and comprehensive look at the automaker's new strategy.

New EV launches

Tata Motors plans to launch a host of electric cars in the coming days. In 2024 alone, the homegrown car giant plans to launch the Curvv EV, which has been already showcased in concept guise. Besides that Tata Harrier and Tata Safari too are also slated to receive electric versions, which will join the brand's lineup of electric cars that currently have models like the Tiago EV, Tigor EV, Nexon EV and Punch EV.

Charging infrastructure development

Besides launching new electric cars, the auto OEMs in India have been focusing on building a supportive EV charging infrastructure as well. Automakers such as Hyundai and MG Motor have been joining hands with various companies to set up EV charging infrastructure. Tata Motors too is collaborating with different companies to set up almost 22,000 EV chargers in the coming years with an aim to provide adequate charging infrastructure to support electric vehicle users, which in turn will boost consumers' morale and increase EV adoption.

EV market development

Besides launching new electric cars, Tata Motors has been also focusing on market development by addressing the barriers to electric vehicle adoption, as the company's CFO said. The automaker is taking a multipronged approach to market development for electric vehicles, which includes improving EV charging infrastructure, addressing the total cost of ownership concerns, ensuring residual value, offering the consumers a plethora of models and catering to various different and dynamic use cases.

EV market expansion

Not only launching new electric cars and setting up EV charging infrastructure, but exceeding sales targets, and reaching new markets are also among the automaker's strategies to continue the growth momentum of its EV business. Tata Motors has been planning to expand its presence in the Indian electric passenger vehicle market by exceeding sales targets. In FY24, the auto OEM missed the target of selling 100,000 units of electric cars as it sold 73,800 EVs registering a 48 per cent year-on-year growth over FY23. However, the company claims to be confident about surpassing the benchmark in the current fiscal.

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