Tata Group expects its automotive business, including passenger and commercial vehicles, to grow to USD 100 billion in the next five years with a capex target of Rs 40,000 crore in the domestic business and about 20 billion (British) Pound for JLR, Tata Group Chairman N Chandrasekaran said on Wednesday.

Responding to shareholders’ queries at the 81st Annual General Meeting of the Tata Motors Passenger Vehicles held virtually, he said the EV market share target will be to remain at 40-45 per cent. It is around 42 per cent at present.

Chandrasekaran said Tata Motors Passenger Vehicles Ltd will keep its focus on launching aspirational products for its current consumers as it sets sights on a 10-fold volume growth between FY20 and FY30 and command a 20 per cent market share.

“I want to say that both companies (Tata Motors Passenger Vehicles Ltd and Tata Motors Ltd) have got very ambitious targets. The next five years (till FY31) the Tata Motors Passenger Vehicles company, including Jaguar Land Rover (JLR), will target a sale of USD 60 billion with JLR contributing about USD 45-50 billion and Tata Motors, domestic business, contributing about USD 15 billion,” Chandrasekaran, who is also the Chairman of TMPV said.

The combined profit will be in excess of USD 5 billion, he said, adding that together with the CV business — which has a target of USD 40 billion — the automotive business between the two companies will be worth USD 100 billion.