Tata EV Revenue At 9,300 Crores – R&D Spend Increased, Hydrogen Tech In Focus

Along with focus on EVs, Tata Motors is also investing heavily in R&D for fuel cell EVs, flex-fuel tech and hydrogen ICE powertrains

Tata’s proactive approach in the EV segment is paying rich dividends. The company currently has more than 2/3rd market share in the EV segment. Tata EV sales in FY24 have reached a massive $1.1 billion (~ Rs 9,300 crores). There’s more to come, as multiple new models will be launched by FY26.

Tata EV business – A new powerhouse

In FY24, Tata sold 73,844 EVs, a YoY gain of 48% over FY23. Cumulative EV production of 1,50,000 units is also a new milestone, something that only a few OEMs have achieved globally. Tata is investing heavily in creating a distinct identity for its EV business. It includes the launch of EV-only stores across the country. To eliminate range anxiety, Tata is also investing in expansion of its charging network. Around 22,000 public chargers are planned to be installed in the next 12-18 months period.

Across the premium segment, the electrification of Jaguar and Land Rover is on track. Jaguar will become all-electric by 2025, whereas all brands will have pure-electric options by 2030. Net zero carbon emission for JLR is planned by 2039. This will include JLR’s entire supply chain, operations and products. Last year, JLR had opened bookings for the new Range Rover Electric. It had received 13,000 bookings in just 28 days. Range Rover Electric has undergone rigorous testing across extreme temperatures of minus 40°C to +50°C.

Tata Motors is also focusing on electrification of commercial vehicles. In FY24, more than 1,700 EV buses were deployed. Government’s role has been crucial, with support in the form of FAME incentives, state incentives and preferential GST rates. The PLI scheme and Phased Manufacturing Plan are also helping the growth of the EV ecosystem in the country.

Major R&D Outlay – 670 Patents registered

Following a visionary approach, Tata Motors is investing heavily in R&D. As compared to R&D spending of Rs 20,265 crore in FY23, the amount has been increased to Rs 29,398 crore in FY24. That’s a massive jump of 45.1%. Increase in R&D aims to develop entirely unique products that will be future-proof. Tata Motors’ R&D investments are focused on EVs, fuel cell EVs, flex-fuel powertrains and hydrogen internal combustion engines (ICE). The company is also developing the relevant infrastructure, as needed by these new technologies.

Apart from powertrains, Tata Motors’ R&D investments are also directed towards developing new tech innovations. Some examples include high voltage wireless charging, wireless battery management systems and advanced vehicle control strategies. In the commercial segment, R&D efforts are focused on developing high-performance trucks. These will be initially targeted at international markets. BEVs for other vehicles such as intermediate, light, medium and heavy-duty commercial vehicles are also being explored across various voltage architectures.

Passenger safety is another key focus area. R&D efforts are underway to develop newer ADAS features and advanced driver health monitoring systems. More capable connected vehicle platforms are also under development.

Tata Motors R&D efforts have started delivering results with 333 patents granted in FY24. The company has also filed 145 design applications. JLR has also secured an additional 337 patents and 279 design applications. These are related to multiple alternative fuel technologies such as hydrogen fuel cell, hydrogen ICE tech, electric, LNG and CNG.