Nearly 24% of Tata Motors' electric vehicle sales are being attributed to women buyers, signalling a substantial rise in the popularity of electric vehicles (EVs). This trend is primarily driven by the inherent advantages of EVs, such as ease of driving, enhanced safety features, and the continuous improvement of charging infrastructure across the country. Tata Motors, a dominant player in the Indian EV market, commands an impressive 72% market share.
Traditionally, electric vehicles were often considered a secondary choice among customers. However, a remarkable shift has occurred, with a majority of buyers now preferring EVs as their primary option. This transition reflects the growing acceptance and recognition of EVs as a viable and attractive mode of transportation. Notably, the states of Kerala and Maharashtra have emerged as frontrunners in embracing electric mobility.
Tata Motors' journey in the electric vehicle sector has witnessed remarkable growth. From selling around 1,200 EV units in the fiscal year 2019-2020, the company achieved an extraordinary milestone by selling 50,000 units in the past year, marking a remarkable 154% increase. The company's robust performance led to the recent achievement of crossing the landmark of one lakh EV sales in the country.
Looking ahead, Tata Motors has ambitious plans to further expand its electric vehicle offerings. The company is set to introduce six new electric vehicle products by the year 2025, effectively increasing the total number of EV variants to 10. This strategic move is aimed at catering to the diverse preferences and needs of the evolving electric vehicle market.
In the first quarter of the fiscal year 2023-2024, Tata Motors achieved record-breaking quarterly sales, with a notable growth of 105% compared to the same period in the previous year. This remarkable performance was primarily fueled by the strong demand for the Tiago EV model. Despite the diversity in demand for different EV models, the overarching trend indicates a growing interest in and adoption of electric vehicles, and Tata Motors remains at the forefront of this transformative movement.
