Tata Motors, the third-largest passenger vehicle maker in India, reportedly anticipates a record-breaking year in 2024 for its passenger vehicle business.
What Happened: The company aims to achieve this milestone by launching new models with both electric and conventional vehicles, Economic Times reported. The upcoming releases include electrified versions of the Harrier and Punch, along with the introduction of the Curvv SUV, marking Tata’s first new brand in three years.
Shailesh Chandra, managing director at Tata Motors passenger vehicles and Tata Passenger Electric Mobility, expressed optimism about the next year’s prospects, emphasising the complete revamp of the portfolio with the addition of two to three new models in both the internal combustion engine (ICE) and electric vehicle (EV) segments.
While avoiding making specific sales projections to the business daily, Chandra hinted at aspirations for a record-breaking year, expecting the company’s growth to outpace the industry.
Under The Hood: Internally, Tata Motors reportedly targets a 10% sales growth in 2024. For 2023, it aims for a 5% growth, reaching 550,000 passenger vehicles, which would be the highest for a single year.
Unlike some competitors who focused on new model introductions in the past two years, Tata Motors has concentrated on innovative powertrains like compressed natural gas and electric, along with special edition models. The recent launches of the new Nexon and Nexon.ev have already generated over 100,000 combined bookings.
In the evolving electric vehicle market, Chandra highlighted strong sales driven by new and more affordable models, improved charging infrastructure and ongoing government support. Tata Motors remains on track to have 10 electric vehicle models by 2026, anticipating improved revenue and profitability due to a richer product mix and declining battery prices.
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