Tata Motors has announced its plans to expand its passenger vehicle portfolio, increasing it from the current nine models to 15 by FY2031 as part of its product-driven growth strategy. This will also include six all-new models. Here are the details: –
- During its investor day presentation, the brand revealed that it has plans for more than 20 product interventions over the next five years, including the introduction of six all-new nameplates, along with facelifts, generation updates, powertrain updates, feature additions and new derivatives across its existing range.
- These new models will also tap new body styles to expand into more segments.
- They will also offer a wider choice of powertrains.
- With this expansion, Tata aims to capture an 18-20% share of the passenger vehicle market.
- The company also plans to increase its annual manufacturing capacity from approximately 9 lakh units to 1.3 million units over the next two to three years to support future volume growth.
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EVs and CNG To Drive Future Growth
- Tata Motors aims for electric vehicles (EVs) to account for 30% of its passenger vehicle portfolio by FY2031.
- That said, the homegrown automaker plans to expand its EV portfolio from the current 6 models to 10. Of them, the Sierra EV is scheduled to debut on June 30, while the Safari EV is expected to be revealed around the festive season this year.
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- Tata expects EVs to account for a 15–20% share of the total passenger vehicle market by FY2031.
- Based on the company’s total volume targets, this translates to annual EV sales of approximately 3.5 to 4 lakh units, which is three to four times the current level.
- Tata Motors also anticipates that the combined market share of EV and CNG vehicles in India’s passenger vehicle segment will reach approximately 45% by FY2031, reflecting the growing demand for alternative powertrains.
