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2024 will be an important year for Tata Motors’ electric vehicle subsidiary – Tata Passenger Electric Mobility. According to Shailesh Chandra, MD of Tata Motors and Electric Mobility divisions, the company will be launching three new EV SUVs next year. These new EVs will help the company in increasing its already dominant 70% market share in the electric four-wheeler segment in India.
Chandra announced that the company will be launching three new electric SUVs in 2024. The list of these SUVs includes the much-anticipated micro-SUV Punch EV, the new coupe-SUV Curvv, and the mid-size Harrier EV. During his interview, he did not mention the exact launch dates of these three SUVs. However, in a previous meeting, he announced that all of the new EVs coming from TPEM will offer more than 500 km of range.
Chandra highlighted the growth of the EV market
During his interview, Shailesh Chandra stated that the company is witnessing rapid growth in the electric vehicle segment. He mentioned that back in 2022, the company sold around 42,000 units of EVs; however, this year they are on track to touch 65,000-70,000 units of EVs in India. He added that this accounts for an impressive growth of around 60-70%.
He added that the company is pouring billions of Rupees into investment for electric mobility solutions and has huge plans for expansion in the future. He mentioned, “The mega trends are all moving towards electrics, and eventually, these will grow in scale. The value proposition with an EV is very strong, especially as it provides good running efficiency. While charging infrastructure is a concern now, it will likely get better in the next two-three years.”
Tata Motors concerned with hybrid carmakers’ request for lower taxes
During the recent interview, Shailesh Chandra also expressed his concerns about demands from a specific group of hybrid carmakers for duty concessions. He emphasized that only “zero-emission vehicles” should receive benefits. He said that vehicles that focus solely on “fuel efficiency improvement technologies” should be excluded from tax breaks.
Chandra also argued that a vehicle should not qualify as an Electric Vehicle (EV) or be compared to EV technology if it is not plugged into electricity. He stated that the energy source for hybrids comes from two places: a small fraction from regenerative braking and the rest from a petrol engine. So based on this, he contended that comparing hybrids with EVs is misleading.
Additionally, it was also stated that companies like Toyota, Maruti, and Honda have been seeking tax concessions for hybrid vehicles. Chandra asserted that these vehicles are environmentally friendly compared to conventional petrol and diesel cars; however, they are not completely emission-free. Currently, the government of India has established a special Goods and Services Tax (GST) rate of 5% for locally manufactured electric vehicles. On the other hand, internal combustion engines (ICE) and hybrids face a higher GST rate of over 28%, with an additional cess on larger vehicles. Despite this tax differential, in the last three months, strong hybrids have outsold electric cars in India and it seems like this trend will continue in the near future.
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