Tata Motors wants to make EVs mainstream, eyes 50,000 annual sales in FY 2023
Backed by a billion-dollar funding from TPG Capital and a new range of models, Tata Motors NSE 2.65 % is taking an early lead in the electric vehicles race with a plan to produce 50,000 EVs in the next fiscal year starting April.
The company has sounded out vendors on an assured production plan of 50,000 EVs in fiscal 2023 and scale it up to 125,000-150,000 units annually in the following two years, said several people aware of the matter. If it is able to deliver on the targets, the EV business could potentially generate revenue of Rs 5,000 crore for Tata Motors in FY23 itself, justifying the steep valuation at which it sold a stake in the EV business to the PE fund.
