Tatas pave a new path in EV Future!
There’s no denying that electric vehicles (EVs) are the future of the automobile industry. However, the rising fuel prices act as catalysts that will fasten EV adoption among the Indian population. Here’s how the Tata Group is paving a new way in the EV future.
What’s Happening?
While launching the Tata Nexon EV car in 2020, Tata Motors Limited also announced its ‘Never been to EVergreen’ campaign, highlighting the need to create an ‘EVergreen Bharat.’
Tata Motors will have 10 electric vehicles by 2025, and the company will also explore tie-ups to make cells and batteries, Chairman N Chandrasekaran said. He also noted that EV penetration in India’s portfolio has now doubled to 2% and may likely increase exponentially in the coming years.
A Look at TaMo’s EV Portfolio
Tata Motors currently is the most significant player in the country with two fully electric models, Nexon EV and Tigor EV. Also, it may launch the electric version of Altroz in the coming months. The Nexon EV, India’s best-selling electric passenger vehicle, recorded sales of more than 4,000 units since its launch in January 2020.
The company has drawn a similar roadmap for two of its British subsidiaries, Jaguar and Land Rover. Jaguar will become an allelectric luxury brand by 2025, whereas Land Rover will aim to generate 60% of its sales from EVs by 2030!
The company is also exploring opportunities to invest in lithium-ion cells in India and Europe to establish a proper supply chain for its zero-emission vehicles in the coming decade.
Outlook for Investors
After a struggling domestic passenger vehicle (PV) portfolio and modest performance of its subsidiaries Jaguar Land Rover last fiscal year, the Tata Motors stock has risen by over 40% over the previous year!
Although supply disruptions due to the semiconductor shortage and renewed lockdowns in China remain an overhang in the near term, Tata Motors seems to be back with its EV portfolio at an opportune time.