Tata Motors Passenger Vehicles (TMPV IN) (Neutral) - Sierra EV charges up TMPV’s EV play

Research evidence excerpt

Tata Motors Passenger Vehicles (TMPV IN) (Neutral) - Sierra EV charges up TMPV’s EV play

Global Markets Research

Tata Motors Passenger Vehicles TAMO.NS TMPV IN 1 July 2026

EQUITY: AUTOS & AUTO PARTS

RatingSierra EV charges up TMPV’s EV play Remains Neutral

Target priceAttractive product with industry-leading features; TMPV Remains INR 373

poised to grow ahead of the industry in FY27F

Closing price

30 June 2026 INR 352Tata Motors Passenger Vehicles (TMPV IN, Neutral) launched the new Sierra EV SUV on

30 June 2026 at an introductory price of INR1,879k. Bookings for the model will

commence from 30 June 2026 and deliveries will commence from 15 July 2026. Implied upside +6.0%

The Sierra EV is based on the Acti.ev+ architecture, and is available in 63kWh and Market Cap (USD mn) 13,701.4

75kWh battery packs. The larger battery pack also gets an option of quad-wheel drive ADT (USD mn) 49.1

(QWD) dual-motor setup, producing 504Nm of torque. With boost mode, it claims, the

AWD variant can accelerate from zero to 100kph within 5.8 seconds. The battery packs

(63kWh/75kWh) deliver MIDC certified range of up to 565km/665km on a single charge. Relative performance chart

Key features:

• 540-degree camera (including underfloor view); Level 2 ADAS

• EV route planner with Android Auto; Drivepay integration (In-car UPI system)

• Boost mode; Triple screen setup; e-Valet (self-parking); Air console; Digital key

Our view: We believe EV penetration in India is at an inflection point (link). As highlighted in

our recent note (link), TMPV, at its investor day, guided for EV penetration of ~30% by FY31E

(vs ~15% currently), ahead of the industry. We believe this positions TMPV to outgrow the

industry, supported by its expanding EV portfolio. The Sierra EV is an attractive offering