Tata Motors expects best sales in 2024 on back of fresh portfolio

Automaker plans to have 10 EV models by 2026 including the upcoming Harrier EV and Punch EV: MD Shailesh Chandra

Tata Motors expects 2024 will be its best year for sales, said the automaker's managing director Shailesh Chandra in a report by the Economic Times (ET). India's third-largest passenger vehicle maker is optimistic on the back of upcoming launches in both electric and conventional powertrains.

Tata Motors expects its passenger vehicle sales in 2023 to be 5 per cent higher than in 2022 by reaching 550,000 units, the highest in the company's history. In 2024, ET reported that the company is aiming for a 10 per cent growth in sales.  

Tata Motors plans to have 10 electric vehicle (EV) models by 2026. It is set to launch the electric versions of Harrier and Punch. Moreover, it will also launch Curvv SUV, Tata Motor's new brand in three years.

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"We expect next year to be much more promising as we completely revamp our portfolio with the addition of two to three new models which will include facelifts and a new nameplate in the internal combustion engine (ICE) and EV segments," Chandra told ET.

Tata Motors has introduced alternative powertrains like CNG and electric variants of its cars, alongside special edition models. It has EV powertrain options for its existing models like the Nexon EV, Tiago EV, and Tigor EV.

Tata Punch was the last product added to the company's portfolio in August 2021. Now, Tata Motors is planning to launch an electric variant of the Punch as well. Upon launch, the Punch EV will be the most affordable electric SUV on sale in the country.

"With the mix getting richer, we expect revenue in the EV business to improve. Even the profitability will as battery prices have been coming down," said Chandra .