Tata Motors’ revenues from its electric-vehicle (EV) business were Rs 9,300 crore in 2023-24 while growth in volumes and savings on commodity costs helped the business turn positive on earnings before interest, tax, depreciation, and amortisation in the fourth quarter of the financial year to 1.1 per cent (excluding product development costs).
The EV business maintained its leadership position with wholesale volumes of 73,844 units, up 47.5 per cent year-on-year (Y-o-Y).
Tata Motors has five EV models in its portfolio — the Tiago EV, Tigor EV, Punch EV, Nexon EV and Xpress T. During the year, the company launched an EV identity Tata.ev, and a range of dealerships for its EV range.
The Avinya will be Tata Passenger Electric Mobility’s (TPEM’s) premium pure electric vehicle series. TPEM will partner JLR for developing Avinya on JLR’s Electric Modular Architecture (EMA) platform.
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Mr. Shailesh Chandra, managing director, Tata Motors Passenger Vehicles & Tata Passenger Electric Mobility, said in the report he expected the Indian passenger vehicle industry to moderate towards a long-term secular growth rate after three consecutive years of strong growth.
In FY24 vehicles running on compressed natural gas (CNG) and EVs grew 55 per cent and 70 per cent, respectively, over FY23 at an industry level.
Covered By: Mobility India / Tata Motors
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