Tata Tiago EV, launched in January 2023, has been instrumental in raising company’s EV sales substantially over the past year
Tata Motors foray into the electric vehicle segment has been a game changer for the company. Its endeavour to venture into a more sustainable avenue with environmentally friendly products towards a greener and cleaner future has led the company to outstanding success in CY 2023. During the past year, the company has seen a 59 percent increase in EV sales and Tata Motors continues to add more products to their EV range with the new Tiago launched last year.
What has aided the company in its growth is the fact that these electric vehicles are being offered in three body styles of hatchback (Tiago EV), sedan (Tigor EV), and SUV (Nexon EV), thus appealing to customers both in the premium and mass market segments.
Tata Motors’ Electric Vehicle (EV) Sales Performance
Talking about Tata Motors EV sales during the past calendar year, sales touched 69,153 units in CY 2023, a 59 percent YoY growth over 43,451 units sold in CY 2022. EV sales contributed to 12.55 percent of the company’s passenger vehicle sales that stood at 5,50,883 units in CY2023, relating to a growth of 8 percent over sales in CY 2022.
Monthwise EV sales have seen positive results through the past year. Sales stood at 4,133 units in Jan 2023, up 39 percent over 2,982 units sold in Jan 2022. February 2023 sales escalated to 5,318 units while in March and April sales touched 6,509 units and 6,516 units respectively.
Sales of EVs were the highest to date in June 2023 at 7,025 units relating to a 95 percent YoY growth while in the following months sales dipped marginally but yet posted sales growth as compared to corresponding months in CY 2022. Tata Motors’ EV sales averaged at 5,762 units in CY 2023 up from an average of 3,720 units sold in CY 2022. Even in terms of electric vehicle retail sales, Tata Motors has seen outstanding success with a 118 percent increase to 81,000 units in CY 2023.
Tata Motors – EV Market Leader
Tata Motors is a market leader in the EV segment in India with a 70 percent share. It is the company’s endeavour to have its EV range command a 50 percent share in its portfolio by 2030. A major portion of its sales are seen for the Tigor EV which is also offered in X-Press T fleet only EV. Tata Motors has also found more demand from rural areas and outside of the top 20 cities while preferred by first time owners and 24 percent by women buyers in the country.
As on date, the company has an EV portfolio of the Tata Nexon EV, Tata Tiago EV and Tata Tigor EV while the new Punch EV is also set to roll out soon. Along with its range of electric vehicles, the company is also actively testing Harrier and Safari EVs, both of which will be flagship offerings positioned above the Nexon EV.
Source: Electric - rushlane.com
