TaMo Accelerating EV Strategy: Chairman
N Chandrasekaran
has told shareholders that the company is accelerating its electric vehicle (EV) strategy, even as it closely monitors supply chain and geopolitical risks that could affect growth.
Speaking at the company's 80th Annual General Meeting (AGM), Chandrasekaran said, 'We expect to reach 30% EV penetration well before 2030. We already have a strong portfolio—with Nexon EV, Punch EV, Tiago and Tigor—and we have several more models in the pipeline.' EVs accounted for 15% of Tata Motors' passenger vehicle volumes in FY25.
While Tata Motors still leads India's EV market with over 50% share, this is down from more than 85% two years ago, as rivals such as Mahindra, Hyundai and MG step up their offerings. 'Yes, competition has increased, but we remain fully committed and have a strong runway,' Chandrasekaran said. The company plans to introduce a range of new models in the space to protect its turf in a segment where it has been a first mover.
He also addressed concerns around sourcing rare earth magnets used in EVs amid global trade tensions. 'We are not facing any issues. We are able to source the magnets we need and have the right level of inventory. We're also working with the government on alternative resources. This is something we are watching very carefully.'
On the proposed increase in US tariffs on UK-manufactured vehicles—which would impact JLR—Chandrasekaran said, 'If the tariffs had gone to 27.5%, the impact would have been £1.6 billion. With the UK-US trade deal, that's coming down to 10%, and JLR's mitigation steps will reduce the impact to around £600 million.'
He confirmed Tata Motors' participation in the government's EV bus programs through its dedicated mobility business and said the company is also testing 12
hydrogen buses and trucks
. However, he cautioned, 'The cost of production and operations for hydrogen is still very high. This won't scale in the near term.'
Chandrasekaran reaffirmed that the demerger of the passenger vehicle and commercial vehicle businesses remains on track.
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