Tata Motors Passenger Vehicles Ltd. is betting on a refreshed, budget-friendly version of its Punch EV to regain its majority share in India's fast-growing but fiercely contested electric vehicle market.
The new Punch EV is designed to attract first-time car buyers, with enhancements that make it an ideal choice for the segment, according to Vivek Srivatsa, chief commercial officer at Tata Motors Electric Mobility Ltd.
Tata Motors PV once commanded over 70% of India's electric-car market, but its share has slipped below 50% as new rivals entered the market.
The company is positioning the new Punch EV against the Punch AMT CNG, arguing that customers drawn to alternative fuels and automatic transmissions are natural EV converts.
Tata Motors PV is also moving to dismantle range anxiety, with plans to more than double its public mega charging points and a 'verified charger' audit programme to tackle chronic unreliability at public charging stations.
The company's incoming Corporate Average Fuel Efficiency Phase III norms, or CAFE-III norms, threaten to reverse the temporary relief given to ICE vehicles, and Tata's broad EV portfolio gives it a structural headstart over rivals.
