Tata Motors, currently the third-largest passenger vehicle seller in India, is looking to make solid gains in market share in the coming years.

What Happened: The Tata Group company in its latest investor day meeting laid out its its five-year roadmap. The company ended FY24 with a 14% market share, trailing only Maruti Suzuki and Hyundai. Now, it aims to boost that figure to 16% by FY27 and between 18% and 20% by 2030. The company plans to introduce new models, expanding its lineup to cover 80% of the market, up from the current 53%.

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In FY24, the auto giant not only maintained its position as the third-largest passenger vehicle seller but also dominated the Indian EV market. In FY24, India recorded 90,996 electric car sales, according to data from the Federation of Automobile Dealers Associations (FADA). Tata Passenger Electric Mobility (TPEM), a subsidiary of Tata Motors, led the Indian electric car market, holding an over 70% share in terms of volume for the last financial year.

The global carmaker also achieved the milestone of selling 1.5 lakh EVs. The company plans to build on this success, aiming for EVs to account for 30% of its total sales by 2030.

To support this goal, Tata Motors plans to invest between ₹16,000 crore and ₹18,000 crore in its electric vehicle division until FY30. The company, which currently sells four electric car models, aims to launch six more by March 2026.

Price Action: Tata Motors’ share price was up 1.23% to close at ₹987.10 on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.