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Tata Motors has increased its capital expenditure (capex) by 30% to Rs 32,000 crore in FY23 as against Rs 23,000 crore in FY22. The automaker plans to utilise this capex to accelerate its shift toward electric vehicles (EV) across all its passenger vehicles (PV) segments, commercial vehicle (CV), and its subsidiary Jaguar Land Rover. The automaker will be creating its highest ever domestic investment of up to Rs 6,000 crore for the development of its portfolio capacity. On the other hand, Jaguar Land Rover would be getting about Rs 26,000 crore. Tata Motors had also planned to roll out almost ten new EVs over the next five years. The firm’s annual report indicated that its domestic PV business would continue to step-up new product launches and improve capacities to cater to growing demand. Despite a substantial step-up in investments, the PV business is likely to remain self-sustaining whilst the EV business investments are well-financed with the capital infusion. Managing director of Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Limited, Shailesh Chandra, told the media that in a challenging year disrupted by the Covid-19 pandemic, semi-conductor crisis, and steep growth in commodity costs, Tata Motors set several new records in passenger and electric vehicles to make FY22 a milestone year. Tata Motors has worked to beat South Korean automotive brand Hyundai and has become the best-selling sport utility vehicle (SUV) maker in India in FY22. As of now, Tata Motors is also leading the EV space in India with over 70% of the market share and its Nexon EV being the best-selling electric car in the nation. Chandra said that the company also operationalised two subsidiaries- Tata Motors Passenger Vehicles Ltd concentrating on passenger vehicles powered by IC engines and Tata Passenger Electric Mobility Limited to accelerate the growth of the passenger EV business and its enabling ecosystem with TPG Rise Climate as an investor. Going forward, the need for our New Forever range persists to remain strong even as the semi-conductor situation and supply-side challenges remain uncertain. Tata Motors already has cash flows worth about Rs 9,504 crore for the FY23, both for JLR and domestic operations - despite the raised capital expenditure spending. Image Source Also read: Tata Motors anticipates PV industry to exceed FY19 volumes this year