Tata Motors expects the industry sales growth of electric vehicles in India to moderate to 40-45 per cent this year with the base becoming bigger, a top company official said on Wednesday.
The company, which launched Punch.ev on Wednesday, plans to introduce four more EV models this year, Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said.
It is expecting to grow faster than the industry EV growth rate, he added.
“Two years back, EVs were growing on a very low base. In the last calendar year, it had a growth of nearly 100 per cent but now the base is getting bigger. By the end of this financial year, it will be around 90,000 to 1 lakh. On this high base, I think the growth (industry) would moderate to about 40 per cent to 45 per cent,” Chandra said.
As for Tata Motors, he said with five EV products lined up for launch, the company expects to beat the industry growth rate.
In 2023, Tata Motors sold a total of 69,153 units of EVs.
Chandra said apart from Punch.ev, Tata Motors will launch the Curvv, Harrier EV, Sierra and Altroz EV this year, most of which are expected in the second half.
Punch.ev has been launched with an introductory price ranging from Rs 10.99 lakh-14.49 lakh. It comes with two battery pack options – 25 kWh, offering a range of 315 km, and a 35 kWh option, which offers a range of 421 km on a single charge.
First Published: Jan 17 2024 | 4:12 PM IST