Tata Motors Plans To Sell 50,000 EVs In FY23, 1 Lakh By Next Fiscal: N Chandrasekaran

Tata Motors is planning to double its electric vehicle sale to 1 lakh units by financial year 2023-24, the company's chairman N Chandrasekaran has told shareholders.

Chandrasekaran also said that the company is planning to sell half a million cars in the ongoing fiscal year 2022-23, reports Economic Times.

"In FY-21 we sold about 5,000 electric vehicles, in FY-22, it was about 19,500 units, this year we plan to sell 50,000 electric vehicles and we plan to double it to 1 lakh EVs by next year," Chandrasekaran said while speaking to the shareholders at the 77th Annual General Meeting.

Tata Motors has plans of expanding the product portfolio in the EV segment to 10 offerings by 2025.

Chandrasekaran expects the share of EVs in the company's total sales to increase to 25 per cent in the next five years.

The company has also been planning to invest $2 billion in the passenger EV business.

Further, though the company has no plans, as of yet, to enter into two-wheeler EV space, it will offer a charging solution for different segments of the market.

Chandrasekaran also said the company has already hit a monthly sales run rate of 45,000 units, and he expects the company to cross half a million mark in FY23.