Tata Motors: The Unstoppable Force in Electric Vehicles Market

By | July 3, 2023

Tata Motors is one of the most trusted and respected vehicle manufacturers in India. Its cars are known for their quality, performance and safety. Recently, the company announced its first quarter results for FY24, showing a competitive growth. Especially in the electric vehicle (EV) segment, Tata Motors has no match. Before we look at the details of its EV sales, let us see how the company performed overall in the first quarter.

Overall Performance

In the first quarter of FY24 (Q1 FY24), Tata Motors sold a total of 2,26,245 units of vehicles. Compared to the same quarter of FY23 (2,31,248 units), it experienced a slight decline. However, the company is confident of recovering in the upcoming festive season. But, in June 2021, Tata Motors did exceptionally well in the domestic passenger vehicle segment. It sold 47,235 units of cars. Compared to the same period of last year (45,199 units), it achieved a year-on-year (YoY) growth of 5%. This is a noteworthy achievement.

Electric Vehicle Sales

Tiago
Image Source: cartrade.com

When it comes to electric vehicle sales, Tata Motors has shown an impressive progress. In Q1 FY24, it sold 19,346 units of EVs. Compared to Q1 FY23 (9,446 units), it achieved a whopping 105% growth. This way, it has left behind all its competitors in the EV market share. In June 2021 too, it sold a good number of EVs (7,025 units). Compared to June 2020 (3,608 units), it achieved a YoY growth of 95%. The reason behind Tata Motors’ success in EV sales are its popular electric models such as Nexon EV, Tigor EV and Tiago EV. Currently, Tigor EV is in high demand in the Indian market. It is available at a price range of Rs.8.69 lakh to Rs.12.04 lakh (ex-showroom) and offers a range of 250 km to 315 km on a full charge. Tata Motors’ flagship electric SUV is Nexon EV. It is priced between Rs.14.49 lakh and Rs.17.19 lakh and offers a range of 312 km on a full charge.

Commercial Vehicle Sales

If we look at Tata Motors’ commercial vehicle (CV) sales, it sold 34,314 units in June 2021. Compared to June 2020 (37,265 units), it witnessed a YoY decline of 8%. However, the company is dominating the EV segment with no one close to it.

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