‘EV 4-wheelers will clock 1 lakh sales in FY 2024’

Tata Motors expects 90% growth in electric four-wheeler sales in FY24, with EV stores in major cities.

The auto-industry is expected to clock 1 lakh sales for electric four-wheelers (e4w) in FY24, which would represent a 90% growth in the segment over last fiscal, according to Tata Motors’ Shailesh Chandra.

Tata Motor’s subsidiary Tata Passenger Electric Mobility, which has a dominant market share of more than 71% in the e4w segment, expects sales to reach 25% of its total passenger vehicles sales by 2025-2026 and 50% by 2030, said Shailesh Chandra, MD, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd.

 He was speaking at the launch of Tata Motors’ exclusive retail stores for its range of EVs in Gurgaon.

 Among cities, Jaipur topped EV penetration with 24-25% relative to total four-wheeler sales, followed by Bengaluru (23-24%), Chennai (19-20%), Delhi (17-20%), Hyderabad and Ahmedabad (16-18%) and Mumbai (15-17%), according to Mr. Chandra 

Over the next 18 months, the auto major will aim to set up two to three exclusive EV stores in cities where they foresee promising growth in this segment of passenger vehicles.

Mr. Chandra said Tata Motors will offer EVs at prices ranging between ₹8 lakh - ₹30 lakh, as cost mainly affected sales. Another factor affecting sales is the vehicle’s average range with a single charge, he said.