Nomura has maintained its Neutral rating on Tata Motors with a target price of ₹799, viewing the company’s new Harrier.ev as an important catalyst to boost EV penetration.
The Harrier EV is expected to promote penetration at an attractive price point, with positioning similar to M&M’s BEV offerings.
Nomura estimates 4%/5% EV penetration in FY26/FY27, up from 2.3% in FY25. Notably, the average price of entry diesel automatic variants in the high-SUV segment is now similar to the Harrier EV, which could drive buyer preference.
Disclaimer: The views and target prices mentioned in this article are as stated by Nomura. They do not represent the opinions or recommendations of this publication. Readers are advised to consult their financial advisors before making any investment decisions.
