Get Instant Loan up to ₹10 Lakh!
Tata Motors shifts gears; one in three passenger vehicles to be gas or electric-powered in near-to-mid-term
- As reported by the Economic Times (ET), Tata Motors is preparing to unveil the Altroz iCNG, featuring their innovative integrated mounting system for a vehicle. The automaker has outlined its intention to introduce another electric model in the fiscal year 2024.
Tata Motors, the automobile manufacturer, aims to decrease its dependence on fossil fuel-based technologies by ensuring that roughly one-third of the passenger vehicles it sells in the near-to-mid-term are either gas-powered or electric-powered.
As reported by the Economic Times (ET), Tata Motors is preparing to unveil the Altroz iCNG, featuring their innovative "integrated mounting system for a vehicle." Additionally, the automaker has outlined its intention to introduce another electric model in the fiscal year 2024. These advancements are projected to raise the proportion of gas-powered models and electric vehicles within Tata Motors' passenger vehicle lineup to 15% each, surpassing the current figures of 8% and 9% respectively, within a timeframe of three to four years.
In December 2022, a report from Bain & Co predicted that electric vehicles (EVs) would constitute 35% to 40% of total vehicle sales in India by 2030, resulting in an annual average sale of approximately 16 million new EVs. This forecast has prompted automobile manufacturers to respond by providing cleaner vehicle options. As a part of this trend, Tata Motors is set to inaugurate a dedicated showroom exclusively for EVs in March.
Similar to its rivals Maruti Suzuki and Hyundai Motor, Tata Motors recognizes significant opportunities in the compressed natural gas (CNG) sector. The growing demand for CNG vehicles can be attributed to enhanced fuel availability, the introduction of new models, and reduced operational expenses.
Data from the state-run Vahan dashboard reveals that sales of CNG vehicles in March 2023 reached 30,000 units, which is three times higher than the figures recorded in March 2021.
In April 2023, Tata Motors achieved its highest-ever sales of electric vehicles (EVs) with a total of 6,516 units sold.
Recently, in a statement, Shailesh Chandra, the Managing Director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, highlighted that customers are increasingly opting for alternative fuel options due to their cost-effectiveness and environmentally friendly nature. Chandra emphasized the growing acceptance of compressed natural gas (CNG) as a fuel choice, attributing its popularity to its widespread availability and easy accessibility.
Chandra added, "Today, we are delighted to launch the Altroz iCNG, an industry first offering which will redefine the CNG market by addressing the major concern on boot space. The Altroz iCNG is a testament to our deep understanding of the customer’s need and our engineering prowess. With the breakthrough of the twin-cylinder CNG technology and advance features we are expecting more personal segment buyers to strongly consider this option. Our multi-powertrain strategy in the Altroz portfolio today offers petrol, diesel, iturbo and iCNG, providing an array of options for the customers to choose from. The Altroz iCNG will bolster our expansive New Forever range and continue to sustain our growth momentum in passenger cars.”
Catch all the Auto News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
Business NewsAuto NewsTata Motors shifts gears; one in three passenger vehicles to be gas or electric-powered in near-to-mid-term
First Published:26 May 2023, 01:29 PM IST
- Top Gainers
- Top Losers
- 52 Week High