Tata Motors Passenger Vehicles expects to cross 15 per cent domestic market share “very soon” and is working towards its previously stated target of 20 per cent by FY31, as the nearly year-old standalone business looks to drive significant growth through investments in new product categories, faster product interventions and powertrain expansion, its Managing Director and CEO Shailesh Chandra said.
In an interview with PTI, Chandra said the passenger vehicle business, which became a standalone entity following the demerger effective October 1 last year, has grown nearly 40 per cent over the past year and is exiting September with electric vehicles accounting for more than 25 per cent of its total sales. I’m sure that when we end this month, which will be the completion of one year, we would have sold nearly 7,50,000 (vehicles). Chandra said the company has already stated its ambition of reaching 1.2 million annual sales and 20 per cent market share by FY31.
Elaborating on the company’s performance during the last one year, Chandra observed, “You are already seeing, in the last one year, the number of refreshes, facelifts and new launches that we have been bringing.
“We have already stated that in the next four-five years, we want to be 1.2 million (annual sales), 20 per cent market share, and that would mean a very agile way of working, and that is what the focus of this company is going to be,” he emphasised. The Tata Motors Passenger Vehicles MD & CEO said the company sees multiple avenues for gaining market share, including segments where it is currently absent, changing affordability and demand at different price points, and faster-growing powertrains such as EVs and CNG.
“So the business would have come to that level, and we have grown in the last one year, by nearly 40 per cent. So that’s significant growth that we have been able to achieve and in this period, we have also been able to take the electric vehicle penetration as we are exiting this month to greater than 25 per cent. “The other growth axis is that affordability in the country is shifting, right, and demand at different price points is also shifting, and there are certain places where demand is going to go very big in certain price points, and therefore, whether we can come up with more exciting white space offerings, that can be another one, those segments don’t exist today, for example.
