Tata Motors's electric vehicle sales soar, R&D spending rises
What's the story
Tata Motors has seen significant financial growth in the electric vehicle (EV) sector, with sales for FY24 reaching an impressive $1.1 billion.
This success is largely due to Tata's dominant market share in the EV category, which currently exceeds two-thirds.
The company's proactive approach to EVs is evident in its FY24 sales figures, showing a 48% year-on-year increase with 73,844 EVs sold.
Expansion plans
Expansion of EV infrastructure, planning new models
Tata Motors's commitment to the EV sector extends beyond sales, with significant investments being made to establish a distinct identity for its EV business.
The company plans to launch multiple new models by FY26 and set up EV-only stores across India.
To address range anxiety among potential customers, Tata is expanding its charging network with approximately 22,000 public chargers slated for installation over the next 12-18 months.
Electrification goals
Tata Motors targets electrification of premium brands, commercial vehicles
Tata Motors's electrification efforts extend to its premium Jaguar and Land Rover brands, with plans for Jaguar to become fully electric by 2025.
All brands under Tata Motors are set to offer pure-electric options by 2030.
The company has also set an ambitious goal for net zero carbon emissions for Jaguar Land Rover (JLR) by 2039.
In FY24 alone, more than 1,700 EV buses were deployed as part of the company's focus on commercial vehicle electrification.
R&D investments
Tata Motors boosts R&D spending, focuses on alternative fuels
Tata Motors has significantly increased its research and development (R&D) expenditure, which rose from ₹20,265 crore in FY23 to ₹29,398 crore in FY24, marking a substantial increase of 45.1%.
These investments are primarily directed toward the development of EVs, flex-fuel powertrains, fuel cell EVs, and hydrogen internal combustion engines (ICE).
The company's R&D efforts have resulted in 333 patents being granted in FY24, and an additional 145 design applications filed.