New Delhi: With the era of enthusiastic early adopters of passenger electric vehicles 'probably over', Tata Motors will focus on marque development to boost EV penetration in India and address various concerns of the new group of customers , its group CFO PB Balaji said on Friday.
The company, which missed its guidance of selling 1 lakh units of passenger electric vehicles in FY2014, is confident of crossing the milestone this financial year, even as it announced the sale of 1 lakh units of passenger electric vehicles to its British arm Jaguar Land Rover. All options for applying for incentives are kept open. Under India's new EV policy and manufacturing in India or not.
Addressing the earnings call, Balaji said that Tata Motors is committed to the expansion of EVs, and this year the company will launch its Curvy EV as part of the plan.
“We would obviously like to build momentum on this,” he said.“At the same time, we are also making it clear that the phase of the early majority wanting to get into the enthusiast mode is probably coming to an end.”
While a new group of customers is starting to come in, he said most need “a lot of assurance in terms of charging infrastructure, TC (total cost of ownership) economics, residual value, variety, choice of models and different use cases.” May need it." ,
Saying that the company does not see the current situation as a challenge, H said, "We see this as a phase of exciting market development".
It's normal for any market that's growing to reach a certain point, Balaji said, adding, "It's absolutely natural, and we don't see any concern at all from that perspective. We've seen it before and We will see it again”.“So, our entire focus this year is to work on the market development front, or increasing EV penetration and this is a good place to be as it will also give us excellent returns as we start solving the barriers to EV adoption. ) in each of them," he said.
The company is focused on addressing the factors that are holding back rapid EV adoption and paving the way to accelerate it again.
“We are not talking about growth crisis here, we are actually thinking about increasing penetration. We (Tata Motors) earlier had 1 per cent penetration, we are sitting at 13 per cent penetration in electric in our portfolio.This will only increase as more and more cars come into the market, he said.
Tata Motors is tying up with various charge point operators to install around 22,000 chargers in the coming years, he said, adding that the company is also working with solar rooftop companies to ensure that we offer a simple story. Which says 'as long as you have rooftop solar, an EV is suitable for you.'
Asked about guidance for passenger EV sales as the company misses the target of 1 lakh in FY24, Balaji said, "In the current year, we definitely want to cross 1,00,000 units, we Confident of doing so."
In FY2014, Tata Motors sold 73,800 passenger EVs, up 48 percent from FY2013.
Asked whether JLR would apply for incentives under India's new EV policy, Balazs said, "All options are on the table... We will consider what are the most cost-effective options to do the job, and we will do that." Will implement.Once we are clear o' our plans, we will definitely share our plans”.
As per the policy, companies that will set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at reduced customs duty/import duty of 15 per cent on vehicles costing US$ 35,000 and above for a period of five years. Will be allowed to do so. From the date of issue of approval letter by the government.
The company, which missed its guidance of selling 1 lakh units of passenger electric vehicles in FY2014, is confident of crossing the milestone this financial year, even as it announced the sale of 1 lakh units of passenger electric vehicles to its British arm Jaguar Land Rover. All options for applying for incentives are kept open. Under India's new EV policy and manufacturing in India or not.
Addressing the earnings call, Balaji said that Tata Motors is committed to the expansion of EVs, and this year the company will launch its Curvy EV as part of the plan.
“We would obviously like to build momentum on this,” he said.“At the same time, we are also making it clear that the phase of the early majority wanting to get into the enthusiast mode is probably coming to an end.”
While a new group of customers is starting to come in, he said most need “a lot of assurance in terms of charging infrastructure, TC (total cost of ownership) economics, residual value, variety, choice of models and different use cases.” May need it." ,
Saying that the company does not see the current situation as a challenge, H said, "We see this as a phase of exciting market development".
It's normal for any market that's growing to reach a certain point, Balaji said, adding, "It's absolutely natural, and we don't see any concern at all from that perspective. We've seen it before and We will see it again”.“So, our entire focus this year is to work on the market development front, or increasing EV penetration and this is a good place to be as it will also give us excellent returns as we start solving the barriers to EV adoption. ) in each of them," he said.
The company is focused on addressing the factors that are holding back rapid EV adoption and paving the way to accelerate it again.
“We are not talking about growth crisis here, we are actually thinking about increasing penetration. We (Tata Motors) earlier had 1 per cent penetration, we are sitting at 13 per cent penetration in electric in our portfolio.This will only increase as more and more cars come into the market, he said.
Tata Motors is tying up with various charge point operators to install around 22,000 chargers in the coming years, he said, adding that the company is also working with solar rooftop companies to ensure that we offer a simple story. Which says 'as long as you have rooftop solar, an EV is suitable for you.'
Asked about guidance for passenger EV sales as the company misses the target of 1 lakh in FY24, Balaji said, "In the current year, we definitely want to cross 1,00,000 units, we Confident of doing so."
In FY2014, Tata Motors sold 73,800 passenger EVs, up 48 percent from FY2013.
Asked whether JLR would apply for incentives under India's new EV policy, Balazs said, "All options are on the table... We will consider what are the most cost-effective options to do the job, and we will do that." Will implement.Once we are clear o' our plans, we will definitely share our plans”.
As per the policy, companies that will set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at reduced customs duty/import duty of 15 per cent on vehicles costing US$ 35,000 and above for a period of five years. Will be allowed to do so. From the date of issue of approval letter by the government.
