Here’s how much EVs will account for Tata Motors' PV sales by FY31

Tata Motors Passenger Vehicles Ltd (TMPVL) expects electric vehicles (EVs) to contribute more than 30% of its total passenger vehicle sales by FY31, as the automaker outlined an ambitious growth strategy centred on electrification, new product launches and higher market share.

Addressing the company's 81st Annual General Meeting, Chairman N. Chandrasekaran said the automaker aims to scale annual passenger vehicle sales to more than 1.2 million units by FY31, achieve a 20% market share in India and improve profitability to double-digit EBITDA margins.

"As we look at this decade of transformation from FY20 to FY31, we will grow the business by 10 times. Our ambition is to scale to over 1.2 million annual sales, achieve 20% market share and double-digit EBITDA margin... and make EVs contribute more than 30% of our sales volumes," he said.

Over the past six years, Tata Motors has significantly strengthened its market share in passenger vehicles to emerge as the country’s second-largest player by volume in the second half of FY26.

“From a market share of 4.8% in FY20 to 14.2% in Q1 of this year, we have risen from being ranked as low as #6 in certain periods of FY20 to becoming the #2 player in the Indian passenger vehicle market,” said Chandra.

In FY26, the company’s domestic PV business achieved its highest-ever sales of approximately 6.42 lakh vehicles, registering a growth of 15.3%, nearly twice the industry average growth in FY26.

The company also plans to strengthen its product portfolio with six new nameplates and more than 20 product refreshes over the period.

Tata Motors has been at the forefront of India's electric mobility transition, having crossed the milestone of 300,000 cumulative EV sales. The company has retained leadership in the domestic electric passenger vehicle market for seven consecutive years despite intensifying competition.

"Our early conviction in electric mobility has created a strong foundation for growth," Chandrasekaran said, adding that monthly EV sales have increased from around 100 units in FY18 to nearly 15,000 units in the latest month.

The company said its multi-powertrain strategy—spanning petrol, diesel, CNG and electric vehicles—will continue to underpin future growth as customer preferences evolve.

The EV roadmap comes after Tata Motors Passenger Vehicles completed the demerger of its commercial vehicles business, emerging as an independent listed personal mobility company with operations spanning the domestic passenger vehicle business and luxury carmaker Jaguar Land Rover.

For FY26, revenue from the India business rose 20.7% to a record ₹58,465 crore, while the company maintained an EBITDA margin of about 7% and ended the year with a net cash position of ₹6,710 crore.

Going forward, Chandra said Tata Motors PV and Jaguar Land Rover will deepen their collaboration.

“We will further strengthen collaboration between TMPVL and JLR, leveraging complementary capabilities in manufacturing, technology, and people. The successful commencement of operations at the TMPV–JLR facility in Panapakkam, Tamil Nadu, represents a significant milestone,” said Chandra.