PTI Mumbai

Tata Motors, the leader in the domestic electric passenger vehicle segment, is seeking to regain its market share of 50% in the mid-to-long term through expansion and renewal of its product portfolio, according to a top company official.

With the domestic electric passenger vehicle market fragmenting into four distinct segments on the basis of price points, the company will be entering the above Rs 20 lakh category with its upcoming Harrier.ev and Sierra.ev, Tata Motors Passenger Vehicle and Tata Passenger Electric Mobility MD Shailesh Chandra told PTI here in an interview.

The company is working to make the total cost of ownership of its EVs in the fleet segment comparable to that of CNG vehicles. "We have the aspiration of sustaining our market share beyond 50 per cent in the mid to long term...We would aspire to be at a 50% share by having a very wide product portfolio and products which are aligned to the expectation of the customers," Chandra said, adding that by mid-term, he meant 18-24 months and beyond.

He was responding to a query on how Tata Motors is looking to maintain its leadership position in the electric PV segment in the wake of intensifying competition. In the short term, the company will face challenges. The decline in the company's market was "pretty much on the cards" as many players have come with multiple products with around 20 models in the market, including luxury cars. The company's market share is about 40-41% cent at present, down from about 55 %t last fiscal, mainly on account of a drop in fleet sales and intense competition in the Rs 12 to 20 lakh segment.