No supply issues for EV magnets, monitoring geopolitical risks closely: N. Chandrasekaran
chairman N. Chandrasekaran on Friday told shareholders at the company's 80th annual general meeting that the company is accelerating its electric vehicle (EV) strategy, even as it closely monitors supply chain and
geopolitical risks
that could affect growth.
EVs accounted for 15 per cent of the company's passenger vehicle sales in the last financial year. Tata Motors now aims to reach 30 per cent electric vehicle penetration well before 2030.
'We already have a portfolio—with
Nexon EV
, Punch EV, Tiago and Tigor—and we have several more models in the pipeline,' Chandrasekaran said. Tata Motors continues to lead the Indian EV market with over 50 per cent share, although this has declined from 79 per cent two years ago as Mahindra & Mahindra, Hyundai Motor India and MG Motor India expand their offerings.
'Yes, competition has increased, but we remain fully committed and have a runway,' he said.
Supply chain, tariff impact under watch
Chandrasekaran said the company is monitoring supply chain and geopolitical risks, including the sourcing of rare earth magnets used in EVs. 'We are not facing any issues. We are able to source the magnets we need and have the right level of inventory,' he said. 'We're also working with the government on alternative resources. This is something we are watching very carefully.'
He addressed concerns around increased US tariffs on UK-made vehicles, which would affect
Jaguar Land Rover
. 'If the tariffs had gone to 27.5 per cent, the impact would have been £1.6 billion. With the
UK-US trade deal
, that's coming down to 10 per cent, and JLR's mitigation steps will reduce the impact to around £600 million,' he said.
Tata Motors will participate in the government's EV bus programmes through its mobility business and is testing 12
hydrogen buses
and trucks. 'The cost of production and operations for hydrogen is still high. This won't scale in the near term,' he said.
The company's plan to demerge its passenger and commercial vehicle businesses remains on schedule. Both units are expected to list separately in the December quarter. 'All three businesses have balance sheets and cash flows. There is no need for large-scale debt unless a strategic opportunity arises,' Chandrasekaran added.
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