Investing.com -- Tata Motors (NYSE:TTM), India’s leading electric vehicle manufacturer, has announced plans to invest up to 350 billion rupees ($4.1 billion) over the next five years, according to the company’s latest investor day presentation released on Monday. The investment is aimed at strengthening its position as the top electric vehicle maker in the country, amidst growing competition and a nationwide push towards the adoption of clean vehicles.
The company, known for producing the Nexon and Punch sport utility vehicles, plans to nearly double its portfolio from eight models to 15. This expansion will include the launch of more electric vehicles and compressed natural gas cars, as well as improvements to the technology features of its vehicles.
Despite detailing its five-year investment plan, Tata Motors did not disclose its investment plan for the current year, which runs until March 2026. However, it did reveal last month that the domestic businesses, including the commercial vehicles segment, would have a capital expenditure of approximately 80 billion rupees.
In terms of market share, Tata Motors has set a target of 16% by March 2027, with ambitions to increase this to between 18% and 20% by March 2030.