Tata Motors sees low-cost tech powering India’s EV boom; says EVs to cost as much as petrol cars by 2030

India’s electric vehicle market is poised for rapid growth as new players enter and falling technology costs make battery-powered cars more affordable, said a top executive at Tata Motors Passenger Vehicles Ltd.

Electric models now account for more than 5% of new sales in India, up from 2.5% a year earlier, Chief Executive Officer Shailesh Chandra told Bloomberg News. He expects the company — the country’s largest EV maker — to get nearly a third of its sales from EVs by 2030, reiterating a target from last year.