Tata Motors electric vehicle business posts Rs 9,300 crore revenue in FY24

Co expects PV industry demand to moderate as a result of high base effect

Tata Motors’ revenues from its electric-vehicle (EV) business were Rs 9,300 crore in 2023-24 while growth in volumes and savings on commodity costs helped the business turn positive on earnings before interest, tax, depreciation, and amortisation in the fourth quarter of the financial year to 1.1 per cent (excluding product development costs), according to the company’s Annual Report.

The EV business maintained its leadership position with wholesale volumes of 73,844 units, up 47.5 per cent year-on-year (Y-o-Y).

In retail, the company enjoys top position with a 73.1 per cent market share, as given on the Vahan portal.

Tata Motors has five EV models in its portfolio -- the Tiago EV, Tigor EV, Punch EV, Nexon EV and Xpress T.

 

During the year, the company launched an EV identity Tata.ev, and a range of dealerships for its EV range.

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“We have announced plans for the launches of the Curvv, Harrier, Sierra, and Avinya in the coming years, all of which will further bolster our EV portfolio,” Tata Motors said in its report.

According to market sources, the Curvv EV is expected in the festival season this year.

The Harrier EV is also expected in 2024-25 and the Sierra EV and the Avinya EV in calendar year 2025.

The Avinya will be Tata Passenger Electric Mobility’s (TPEM’s) premium pure electric vehicle series. TPEM will partner JLR for developing Avinya on JLR’s Electric Modular Architecture (EMA) platform.

Shailesh Chandra, managing director, Tata Motors Passenger Vehicles & Tata Passenger Electric Mobility, said in the report he expected the Indian passenger vehicle industry to moderate towards a long-term secular growth rate after three consecutive years of strong growth.

In FY24 vehicles running on compressed natural gas (CNG) and EVs grew 55 per cent and 70 per cent, respectively, over FY23 at an industry level.

At Tata Motors the CNG portfolio now contributes to 16 per cent of its passenger vehicle (PV) sales with more than 91,000 units in FY24, which is 2.2 times over FY23. EVs contribute 13 per cent of PV sales.

Vehicles that run on petrol continue to dominate with a 58 per cent share, followed by diesel at 13 per cent.