Tata Motors is planning to introduce a range of affordable electric vehicles for the Indian market. The brand plans to price the electric range of cars close to the ICE range. The electric iteration is expected to demand only 15% – 20% premium than the respective internal combustion engine vehicle. Also, the electric vehicle is expected to return a range of around 200+ km to lower the range anxiety of the customer and make them more feasible at least or daily commutes.
Tata’s President of the Passenger Vehicle unit has also revealed that though the company is working on the introduction of new vehicles, the brand is still focussed on the electric vehicle space. The brand already has a healthy demand for the Tiago, Nexon and Altroz and Tata expects to make at least 22,000 unit monthly sales, strengthening the brand’s overall place in the market.
The brand has reclaimed the third spot in the Indian market behind Hyundai and the market leader Maruti Suzuki. The brand has also revealed that it has recorded the highest sales volume in the past 8 years, over the past few years. The brand has also gained nearly 300 basis points as reported moving the market share up from 4.7% to about 7.7%. The brand expected to gain up to a 10% market share in the near future with the range of new products.
The brand has sold more than 2,600 units of the Tata Nexon EV, despite COVID-19 pandemic. Currently, the Nexon EV holds almost 63% of the electric vehicle market share which is more than double than the MG ZS EV (Electric). In November 2020, Nexon EV had captured close to 74% market share. Apart from the FAME-II policies, Tata Motors is also offering the Nexon EV under the subscription model with the starting price of INR 29,500 per month, to further accelerate electric vehicle adoption.