On October 10, 2022, Tata Motors, India's largest electric car maker announced booking details for the newest entrant in its electric vehicle (EV) family, the Tiago.ev at a special introductory price. The offer started at Rs 8.49 lakh, for the first 10,000 customers. Within a day, all 10,000 units were booked. Given the strong traction, the company extended the introductory price to the first 20,000 bookings. The company surprised the market with an extremely aggressive price tag. The sub-compact EV became the most affordable zero-emission car in the country. The company's attempt to accelerate the democratisation of EVs in the country has had a good start.
The company has been consistently growing its EV sales month on month and with the incremental volumes of Tiago EV, the company is set to cross sales of 50,000 units annually in FY23. This means, the company is on course for a billion-dollar revenue from its EV business in FY23.
Two extra strong product pillars for the brand come with the Nexon and Tigor EVs. Tata Motors has already reached an annualised rate of 55,000 to 60,000 units per annum. Now, with the addition of Tiago EV, the company is looking at an annualised rate of one lakh units by FY24.
Autocar Professional learns that with the Tiago EV and the Punch EV planned for 2023, Tata Motors is gunning for one lakh production of EVs in the next 12-18 months, which will lead to an EV penetration in excess of 15 percent for the company.
If it manages to sustain the sales momentum, then the EV business could potentially generate about Rs 12,000 to Rs 15,000 crore of revenue, which is almost equal to the business its conventional car business generated just three years ago.
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