The electric vehicle (EV) segment generated Rs 9,300 crore in revenue for Tata Motors in 2023–24. The business achieved a positive earnings before interest, tax, depreciation, and amortisation in the fourth quarter of the financial year, amounting to 1.1% (excluding product development costs), thanks to growth in volumes and cost savings on commodities.
EV sales reached 73,844 units at wholesale, gaining 47.5% year over year and solidifying the company’s leadership position. Tata Motors offers the Tiago EV, Tigor EV, Punch EV, Nexon EV, and Xpress T as their five EV vehicles. The firm debuted an EV identity, and a number of dealerships for their EV lineup during the year.
Tata Motors Electric Mobility Growth
Tata Passenger Electric Mobility’s (TPEM) premium line of all-electric vehicles will be called Avinya. In order to develop Avinya on JLR’s Electric Modular Architecture (EMA) platform, TPEM and JLR will collaborate. After three years of rapid expansion, Mr. Shailesh Chandra, managing director of Tata Motors Passenger Vehicles & Passenger Electric Mobility, stated in the study that he anticipated the Indian passenger vehicle industry to moderate towards a long-term secular growth rate.
At the industrial level, the number of vehicles powered by compressed natural gas (CNG) and electric vehicles (EVs) increased by 55% and 70%, respectively, in FY24 compared to FY23.
