Tata Motors plans to launch 14 EVs by FY31
What's the story
Tata Motors is gearing up to expand its electric vehicle (EV) lineup with four new models and over 10 refreshed versions by FY31. The company hopes to achieve more than 30% EV penetration by FY31, according to an investor presentation. The move comes as part of Tata's strategy to cater to a wider customer base and strengthen its position in India's growing EV market.
Market strategy
Targeting early majority consumer segment for EV adoption
Tata Motors is targeting the 'early majority' consumer segment to drive its EV adoption. These are customers who need successful case studies before making a purchase. The company has noted that early adopters make up 13.5% of the EV market, while both early and late majorities account for 34% each. Laggards make up 16%, with innovators being a minority at just 2.5%.
Product portfolio
EV nameplates and upcoming models
Tata Motors plans to have a portfolio of 10 EV nameplates by FY31. The company's current offerings include Xpres-T, Curvv.ev, Harrier.ev, Nexon.ev, Punch.ev, and Tiago.ev. Among the upcoming launches are Sierra.ev, one model based on its Avinya concept and two other models. To support these new launches, Tata Motors is also working on improving its EVs' range by two to three times and charging speed by three times.