Tata aims to build 80,000 electric vehicles this fiscal year: sources

Tata Motors expects to aggressively increase annual production of electric vehicles (EVs) this fiscal year to more than 80,000 units, sources with knowledge of the matter told Reuters.

In comparison, 19,000 electric vehicles were built and sold in the last fiscal year.

Tata, India’s largest automaker, declined to comment on the production plans but said electric vehicle sales were growing rapidly as demand outstripped supply. The sources were not authorized to speak to the media and declined to be identified.

Tata last year announced plans to launch 10 EV models by March 2026 and invest approximately $2 billion in new vehicle architecture, associated technology and infrastructure.

Tata accounts for 90% of India’s electric vehicle sales — a segment that still accounts for just 1% of the country’s annual sales of about 3 million vehicles.

On Friday, Tata will unveil a concept car to be built on its first electric vehicle platform designed from the ground up.

Cars built on this platform, dubbed Pure EV architecture, will also be launched in global markets, the company said in its invitations to the unveiling.

The new platform represents the third phase of Tata’s electrification plans, which were given a boost last year by a $1 billion investment from private equity firm TPG.

The first phase was the launch of two electric vehicles, the SUV Nexon and another model for fleets built on an existing platform with internal combustion engines.

The second phase requires modifying an internal combustion engine platform to build with larger batteries and longer ranges. These cars are expected to hit the market in about two years.

The introduction of more electric vehicles is a cornerstone of Prime Minister Narendra Modi’s low-carbon agenda, and his government is offering billions of dollars in incentives for companies to build electric cars and their components locally. By 2030, India wants electric models to account for 30% of all car sales.

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