EV market share will double in 2025: Vivek Srivatsa

Going forward in 2025, Tata Motors will be launching the Harrier EV in the first half of the year and the much anticipated Sierra EV in the second half.
Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility
Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility
Updated on
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NEW DELHI: Tata Motors, India’s largest electric carmaker, remains unfazed by potential market share pressures despite major competitors - Maruti Suzuki, Mahindra & Mahindra and Hyundai - launching/unveiling their much anticipated electric vehicles (EVs) in recent times.

“The EV market is set to expand, and consumers will begin comparing products more closely. This is a positive development for us because we are confident in the strength of our offerings. We are the only company in India with 2 lakh EV customers who have collectively covered over 5 billion kilometers. This gives us a significant advantage,” Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility told TNIE.

He added, “The trust we have built, the diverse customer base we serve, and the wide product range we offer - from Rs 8 lakh to Rs 22 lakh - are key factors in our leadership. With more EVs in the pipeline, this range will only grow. We are confident in our position and not concerned about market share.” Tata Motors was the top EV seller with 61,496 units sold in 2024, compared to 60,100 in 2023.

However, its market share decreased from 73% to 62%. Going forward in 2025, Tata Motors will be launching the Harrier EV in the first half of the year and the much anticipated Sierra EV in the second half. These two models will help Tata Motors to take on the new EVs launched by Mahindra & Mahindra, Hyundai’s Creta Electric and Maruti Suzuki’s e Vitara. Srivatsa said that with more players joining the EV space, the category as a whole will grow significantly.

“Currently, EVs make up a little over 2% of the total passenger vehicle market. We need to surpass the 5-6% mark, and once that happens, the growth will accelerate rapidly. It is possible for the EV market to double its penetration this year.”

However, for the overall passenger (PV) vehicle market, he expects the growth rate to slow. “2025 is likely to be a challenging year for the PV industry. Over the past 3-4 years, the industry witnessed spectacular growth, but this year, that growth is expected to moderate, especially given the high stock levels across the network,” said Srivatsa. PVs grew by 4.2% in 2024 as compared to last year, with sales of around 4.3 million units.

For Tata Motors, Srivatsa said that sales growth this year will be led by EVs and CNG-powered vehicles. He added that their recently launched coupe SUV Curvv is performing “very well”. “It has a unique, differentiated design, and Indian consumers often take some time to fully appreciate innovative designs. I am confident that as the car becomes more visible on the roads, its sales will grow significantly,” he said.

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