Tata Motors plans to add 10 electric vehicles to its portfolio by 2025.
Tata Motors is preparing to raise funds from the market for its electric vehicle business.
The company plans to get about a quarter of its sales from the electric vehicle (EV) business in the medium and long term, these things Tata said at the company’s 76th AGM Motors chairman N Chandrasekar said.
Mumbai-based Tata Motors will launch 1 or 2 electric vehicles every year. The company plans to add 10 electric vehicles to its portfolio by 2025.
Although N Chandrasekhar did not disclose how much the company would invest in its EV business unit, he did mention that it plans to invest Rs 3,000- 3,500 crore in FY22.
N Chandrasekhar further said that we have a big plan for electric vehicles. At present, 2% of our revenue comes from electric vehicles.
We plan to generate at least a quarter of our earnings from electric vehicles in the medium to long term.
We are planning to launch at least 10 new electric vehicles by FY2025.
Keeping this in mind, we will come up with a capital raising program for the EV segment in due course.
Let us tell you that Tata Motors has the largest share in the electric passenger market in India.
Through the Tata Nexon EV, the company holds a 77 per cent share in the domestic passenger vehicle market. The company has sold 4000 units of Nexon EV since its launch in FY20.
The company had recently said that it has a strong order book for the Nexon EV, which may take 14-16 weeks to complete.
The Nexon EV sold 1715 units in the first quarter of FY22, which is the biggest ever in a quarter.