Tata Motors will tap into the growth opportunities and strengthen its market position in the domestic passenger vehicle market, said N Chandrasekaran in the company’s annual report.

The company that reported a revenue of ₹4,37,928 crore in FY24 saw an 8.4 per cent increase in FY24 vs FY23 and with an annual sales of 5,73,541 passenger vehicle units.

“India is well on track to exceed the 5 million vehicle sales mark in passenger vehicles over the next few years from the 4.1 million volumes clocked last year. India’s vehicle penetration, at about 30 vehicles per 1,000 population, is well below global norms and is expected to continue to increase. The PV business will continue to invest in products, platforms, electrical and electronic architectures, and vehicle software to remain competitive. The business will also focus on significantly improving customer experience and enhancing product quality. The EV business will focus on driving up penetration through multiple product launches, focus on market development, charging network enhancements and continuing to introduce aspirational product features,” said N Chandrasekaran, Chairman and Non‑Executive Director of Tata Motors.

Commercial vehicles business

Tata Motors will focus on vehicle parc linked businesses to reduce the volatility of commercial vehicle sales. The commercial business registered a revenue of ₹78,791 crore in FY24.

“Apart from vehicular sales, the business will also focus on vehicle parc linked businesses like spares, and digital and smart mobility solutions which will help reduce the volatility of the vehicle sales business. This should help drive consistent value accretive growth in the coming years,” he said.

Also read: AI will open new opportunities and challenges: Tata Sons Chairman N Chandrasekaran

JLR re-established its financial stability in FY24 and saw its highest-ever revenue of £29 billion, “JLR shall continue to invest in products, platforms, electrical and electronic architectures and vehicle software to provide a world class in-cabin and all-round customer experience to our discerning clientele,” added Chandrasekaran.

The company’s R&D spending registered an increase of 45.1 per cent in FY24 with ₹29,398 crore against ₹20,265 crore spent in FY23.

Further, with the demerger, Tata Motors will secure synergies across passenger and electric vehicles and JLR in electric cars, vehicle software and autonomous vehicles.

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