chandrasekaran: Tata Motors plans to sell half a million cars in FY-23, electric vehicle sales will cross one lakh units: N Chandrasekaran

N Chandrasekaran, chairman of told shareholders that the company plans to sell half a million cars in FY-23 and expressed confidence that electric vehicle sales will cross one lakh units by the next fiscal year.

Speaking to the shareholders at the 77th AGM, Chandrasekaran told shareholders that the company is keen to return to paying dividends soon.

“In FY-21 we sold about 5000 electric vehicles, in FY-22, it was about 19,500 units, this year we plan to sell 50,000 electric vehicles and we plan to double it to 1 lakh EVs by next year,” said Chandrasekaran highlighting the potential for EVs in the future.

The company has plans of expanding the product portfolio to 10 electric vehicles by 2025 and he expects the share of electric vehicles in total sales to rise to 25% in the next five years.

With plans to invest $2 billion in the passenger electric vehicle business, Tata Motors has already raised about Rs 3500 crore from TPG last year and added that the second tranche from the private equity major is expected to come in the third quarter of FY-23.

Referring the mainstream market, Chandrasekaran said the company has already hit a monthly sales run rate of 45,000 units, and he expects the company to cross half a million mark in FY-23.

To address the rising demand, Chandrasekaran explained the company is ramping up capacity and the acquisition of the Ford factory in Sanand will offer significant capacity to cater to the high demand.

He informed the shareholders that while the company does not have any plans to make electric two-wheelers, but it will offer a charging solution for different segments of the market.

On a specific question of getting into tractor manufacturing, Chandrasekaran said, the company will deliberate on the same.