Tata Motors will increase its annual production of Electric vehicles this financial year.
Reuters reported that the Indian Automaker wanted to increase its annual production of EVs to more than 80,000 units this financial year. The goal is a massive increase from its 19,000 sold and produced units last year.
Tata Motors declined to comment on the production plans but said that EV sales were growing rapidly with demand outpacing supply. Reports say that the sources were unidentified as they are not authorized to speak to the media.
Last year, the company announced that they would launch a total of 10 electric car models by 2026. They also have a planned investment of $2billion to work on a new EV architecture. Tata will unveil a concept car that it plans to build on its first EV platform called Pure EV Architecture.
Pure EV Architecture will come as a part of the third phase of the company’s electrification strategy, that has received a $1billion investment from private equity firm TPG Rise Climate last year.
Tata Motors currently holds nearly 90% of the Indian Electric Car Market. By 2030, India wants zero-emission vehicles to make up 30% of the total car sales in the auto market.
The company currently sells Nexon EV and Tigor EV. Nexon EV is India’s best selling electric car at the moment.
