However, the company expects an improvement in the second half of the fiscal year.
Harris attributes the EV demand challenges in the US mainly to the political climate driven by the uncertainty around the election.
The contrasting positions of political candidates on EV incentives have created hesitation among original equipment manufacturers (OEMs), many of whom are waiting for policy clarity before committing to significant EV investments.
In Europe, competition from China has added pressure on local markets. Harris pointed to the impact of Chinese EV imports, which have prompted some European OEMs to pause their plans as they look for ways to counterbalance the influx of China-made electric vehicles.
has spurred technical discussions between the European Union and China on possible alternatives to tariffs on Chinese EVs, though considerable regulatory differences persist.
Harris remains optimistic about the long-term growth trajectory of the EV market, with projections for one in five cars to be electrified in both the US and the European Union by 2030.
China, which is expected to see more than 50% of vehicles electrified by this date, highlights the fast-paced shift to EVs on a global scale.
“The long-term direction for the market is relatively defined,” he stated.
Tata Tech reported a revenue of $154.6 million for the July-September 2024 quarter, with earnings before interest, tax, depreciation, and amortisation (EBITDA) margins holding steady at 18.2% and profit after tax at ₹157 crore.
The company, which has a market capitalisation of ₹41,011 crore, has seen its shares decline 23% over the last year.
