Tata Motors aims to sell 50,000 EVs this fiscal

In a shareholders' meeting this week, Tata Motors Chairman N Chandrasekaran said the vehicle manufacturer plans to sell 50,000 electric vehicles in the current fiscal year ending March 31, 2023. The company has plans to double that count in 2023-24.

First reported by Reuters, Chandrasekaran said that he expects the global supply of semiconductor chips to ease up after a couple of years of constraints that were brought on by the COVID-19 pandemic. These components are vital to the modern age of car manufacturing.

"We continue to work closely with our customers and ecosystem partners to mitigate risks and manage uncertainties. Accordingly, we expect our performance to progressively improve through the year, with the second half of FY23 being notably better than the first half," Chandrasekaran said.

Tata Motors sold 19,105 electric vehicles in the previous fiscal of 2020-21, which in itself was a 353 percent growth in sales over 2019-20.