Top 5 Electric Cars Under 10 Lakhs in India
Indian giant automaker Tata Motors is actively working on the development of a range of compressed natural gas (CNG) and electric vehicles (EVs). Despite a projected slowdown in the passenger vehicle industry growth to 5-7% for the current fiscal year, compared to the impressive 27% sales growth witnessed in the previous year, Tata Motors remains optimistic about its future prospects.
Shailesh Chandra, the Managing Director responsible for Passenger Vehicles and Electric Vehicles at Tata Motors, emphasized the company’s focus on expanding their EV portfolio and entering the CNG segment. Chandra expressed confidence in the various strategies implemented to increase sales volumes and gain market share.
Additionally, Tata Motors plans to maintain customer interest through fresh additions to its existing brands and the introduction of new products. These initiatives highlight Tata Motors’ commitment to providing diverse and exciting options for consumers in the evolving automotive market.
“We have exciting plans to introduce a CNG variant of the Punch model featuring twin-cylinder technology, offering a unique proposition in the market. Additionally, we are confident about our upcoming EVs and believe that these two product segments will contribute significantly to our sales volumes,” stated Shailesh Chandra.
Tata Motors has exciting plans to introduce new models to its lineup.
“At the Auto Expo, we showcased our upcoming new nameplates, namely Curvv and Sierra, which are scheduled for launch,” mentioned Chandra. Recently, Tata Motors successfully launched the CNG variant of its premium hatchback Altroz at an attractive introductory price of Rs 7.55 lakh (ex-showroom all-India).
However, Chandra anticipates a moderation in the growth of the passenger vehicle industry as “the pent-up demand in the passenger vehicle segment has noticeably subsided, except for specific new releases in popular SUV segments.”
According to Shailesh Chandra, the expected growth for this fiscal year (2023-24) is projected to be in the range of 5 to 7 percent. However, he remains optimistic that the growth will bounce back to double-digit figures in the subsequent financial years.
Chandra also highlighted that the increase in vehicle prices due to the transition to real driving emissions (RDE) could potentially impact the demand in the current fiscal year. He stated, “There could be an impact on the demand this fiscal year due to the rise in vehicle prices caused by the transition to RDE.”
To tackle these challenges, Tata Motors is proactively focusing on generating demand through targeted strategies in specific micro-markets. Chandra emphasized their efforts to improve conversion rates, stating, “From Tata Motors’ perspective, we are preparing ourselves by concentrating on demand generation through a micro-market approach and implementing measures to enhance conversion rates.”
Chandra expressed that Tata Motors is actively expanding its portfolio in the CNG and EV segments, anticipating substantial growth in both areas throughout the year.
“We expect to reap the benefits of this expansion. Moreover, we are driving margin improvement through a well-established cost-reduction initiative,” he stated.
During the fiscal year 2022-23, Tata Motors achieved its highest-ever dispatches to dealers, reaching a commendable figure of 5,40,000 units. The company experienced an impressive year-on-year growth in wholesales, recording an approximate 45 percent increase compared to the previous fiscal year, 2021-22.