KATHMANDU: Tata Motors has recorded a three-fold increase in electric vehicle bookings over the past six months in India, according to ET.
However, the company says production capacity is limiting its ability to fully meet the growing demand.
Vivek Srivatsa, CCO at Tata Passenger Electric Mobility, said EV bookings have grown 3X over the last six months. He added that Tata Motors has also been gaining market share in recent months.
“Over the last six months, the gap between us and the number two player has increased,” Srivatsa said.
He said the company could have benefited further from the rise in demand if it had more production capacity.
The Indian EV market has recorded strong growth this year. The EV segment grew 77% year-on-year, compared with overall passenger vehicle industry growth of around 46% in the first quarter.
Srivatsa expects the positive momentum to continue during the upcoming festive season. He said the September-December period could become the industry’s largest-ever quarter.
According to Srivatsa, several factors are driving EV demand in India. Lower GST has made cars more accessible, while the recent West Asia crisis has also encouraged consumers to consider alternative-fuel vehicles.
Tata Motors expects demand for EVs to remain strong during the festive season. However, production capacity could remain a key challenge for the company.
