NEW DELHI:
Tata Motors expects to aggressively increase annual production of electric vehicles (EVs) to more than 80,000 units this fiscal year, knowledgeable sources told Reuters.
That compares with the 19,000 EVs built and sold in the past fiscal year.
Tata, India’s largest automaker, declined to comment on production plans, but said electric vehicle sales were growing rapidly and demand was outpacing supply. The sources were not authorized to speak to the media and would not be identified.
Tata last year announced plans to launch 10 EV models by March 2026, investing approximately $2 billion in new vehicle architecture, related technology and infrastructure.
Tata accounts for 90 percent of India’s electric vehicle sales – a segment that still accounts for just 1 percent of the country’s annual sales of about 3 million vehicles.
On Friday, Tata will unveil a concept car it plans to build on its first EV platform developed from the ground up.
Cars built on this platform, called the Pure EV architecture, will also launch in the global market, the company said in its invitations to the unveiling.
The new platform represents the third phase of Tata’s electrification plans, which were boosted last year by a $1 billion investment from private equity firm TPG.
Phase one was the launch of two EVs, the Nexon SUV and another fleet model, which will be built using an existing combustion engine platform.
The second phase calls for adapting an internal combustion engine platform to build EVs with larger batteries and longer driving range. Those cars are expected to hit the market in about two years.
Rolling out more electric vehicles is a cornerstone of Prime Minister Narendra Modi’s carbon reduction agenda, and his government is offering companies billions of dollars in incentives to build electric cars and their parts locally.
By 2030, India wants electric models to account for 30 percent of total car sales.