Tata Motors Ltd. is eyeing 20% market share by 2030 on the back of Curvv and Sierra SUVs, which it hopes will fill a gap in the midsized SUV market dominated by Hyundai India's Creta. Both the Curvv and Sierra SUVs will be sold with ICE powertrains.
The company expects that the Indian market for passenger vehicles will reach 60 lakh per year by 2030.
It also plans to launch the CNG model of Nexon, electric vehicle versions of the Harrier and Safari, as well as internal combustion engine SUV variant of Currv in fiscal 2025, the company said at a media roundtable.
The Curvv EV will also be sold with ICE powertrains, NDTV had reported earlier this month.
While the new Sierra model will have the same ICE engine powertrain options, along with a five-door layout this time. In terms of looks, it is expected to largely remain unchanged from the near-production concept displayed at the Auto Expo pavilion.
The company sees an inflationary trend for its ICE vehicles, as echoed by others in the industry such as Ola Chief Executive Officer Bhavish Agarawal. Electric vehicles will conversely be seeing a deflationary trend going ahead, it said. Tata Motors hopes for a new subsidy regime and low GST for continued adoption of EVs in India.
The company plans to expand its EV portfolio with 10 new products, according to Managing Director Shailesh Chandra. These vehicles will be based off their EV SUV Punch.ev's chassis.
The company is confident of maintaining leadership in the EV space despite incoming competition, Chandra said.
Both Punch and Nexon EVs had scored five-star ratings in their NCAP crash test results, which are a national benchmark to determine and certify vehicle safety. Union Minister for Road Transport and Highways Nitin Gadkari had lauded the achievement on social media platform X (formerly Twitter).
Tata Motors has reported having 6,50,000 vehicles on its digital platform. The carmaker aims to increase its addressable market to 80% by FY30 with addition of new nameplates.
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