Tata Motors envisages to produce up to 50,000 units in FY23; stock jumps ~2%

5 Jul 2022 , 11:12 AM

Tata Motors Limited expects to sell 50,000 electric vehicles (EVs) in the fiscal year ending March 31, and to double that number in 2023/24, highlighted Chairman N Chandrasekaran at a shareholders’ meeting on Monday.

Tata Motors logged sales of 19,105 EVs in 2021-22, clocking a growth of 353% against the previous year.

Chandrasekaran also stated that his company’s performance in this fiscal year is expected to enhance on the back of improvements in the overall supply situation, including that of semiconductors, is gradually improving and commodity prices stabilize.

“To mitigate risks and manage uncertainties, we continue to collaborate closely with our customers and ecosystem partners. As a result, we anticipate that performance will gradually improve throughout the year, with the second half of FY23 outperforming the first,” he added further.

India wants electric vehicles to account for 30% of total passenger car sales by 2030, up from about 1% today, and e-scooters and e-bikes to account for 80% of total two-wheeler sales, up from about 2%.

As per Prime Minister Narendra Modi’s climate change and carbon reduction agenda, EVs can aid India to cut its oil import bills and reduce pollution in major cities.

At around 11.20 AM, Tata Motors was trading at Rs416.55 up by Rs8.2 or 2.01% from its previous closing of Rs408.35 on the BSE. The scrip opened at Rs415.80 and has touched intraday high and low of Rs418.75 and Rs414.35 respectively.