Mission Statement, Vision, & Core Values (2024) of Tata Motors Limited (TTM)

An Overview of Tata Motors Limited (TTM)

General Summary of Tata Motors Limited

Tata Motors Limited, founded in 1945, is an Indian multinational automotive manufacturing company and a member of the Tata Group. The company operates in over 175 countries and has a diverse product range including passenger cars, trucks, vans, coaches, and military vehicles. As of 2024, Tata Motors offers products in various segments such as electric vehicles, SUVs, and commercial vehicles.

The company's sales figures for the fiscal year 2024 reached approximately ₹2.5 lakh crore (about $30 billion), marking a significant increase in overall automotive demand. Tata Motors has been particularly successful in the electric vehicle segment with notable models like the Nexon EV and Tigor EV, which have contributed to its growing market share.

Company's Financial Performance in the Latest Financial Reports

In the fiscal year 2023-24, Tata Motors reported impressive financial performance metrics. The company achieved record-breaking revenue, primarily driven by strong sales in both the passenger and commercial vehicle sectors.

The growth in revenue was significantly attributed to the rise in demand for electric vehicles, which saw an increase in sales by approximately 150% compared to the previous year, along with a robust performance in exports, particularly in markets like Europe and South Asia.

Introduction to Company as One of the Leading Companies in the Industry

Tata Motors Limited stands as one of the foremost players in the global automotive industry, renowned for its innovative approaches and a diverse portfolio that caters to various customer segments. The company is recognized not just for its traditional vehicle offerings but also for its pioneering efforts in electric vehicle technology, making it a key contender in the future of mobility.

With a commitment to sustainability and innovation, Tata Motors continues to invest heavily in research and development, ensuring its position at the forefront of the automotive sector.

To discover more about how Tata Motors has achieved such remarkable success, including its initiatives in sustainable practices and cutting-edge technology, further exploration is encouraged.

Mission Statement of Tata Motors Limited (TTM)

Company's Mission Statement

Tata Motors Limited, as part of the Tata Group, emphasizes its commitment to innovation, sustainability, and high-quality manufacturing. The mission statement is pivotal in directing the company’s strategic vision and operational performance, serving as a foundation for setting long-term objectives and evaluating success.

Innovation

Central to Tata Motors' mission is the pursuit of innovation. The company aims to leverage cutting-edge technologies to enhance vehicle performance and sustainability. In 2023, Tata Motors launched a series of electric vehicles (EVs) which accounted for approximately 5% of its total sales, reflecting a robust commitment to innovation in the automotive sector.

As of the end of FY2023, Tata Motors reported an investment of over ₹5,000 crores in research and development, focusing on smart and connected technologies. This investment underpins their innovative endeavors, specifically in developing electric drivetrains and advanced manufacturing processes.

Sustainability

An integral part of Tata Motors’ mission statement is a strong emphasis on sustainability. The company has committed to achieving net-zero emissions by 2040, aligning with global climate goals. In 2023, Tata Motors launched its 'Sustainable Mobility' initiative, aimed at reducing the carbon footprint by 30% by FY2025.

As part of its sustainability goals, Tata Motors has incorporated recycled materials into its manufacturing processes; around 20% of vehicle components are sourced from recycled materials as of FY2023. The company's focus on sustainable practices is also reflected in its corporate social responsibility initiatives, which allocate approximately ₹400 crores annually.

Quality

Quality assurance is a critical component of Tata Motors' mission statement. The company is dedicated to delivering products that meet rigorous standards of reliability and performance. As of FY2023, Tata Motors has received numerous accolades for quality, including the 'Quality Leadership Award' from J.D. Power, reflecting its commitment to exceptional manufacturing standards.

In 2023, Tata Motors achieved a customer satisfaction score of 89%, a significant improvement over the previous year's score of 85%. The company employs over 10,000 quality control specialists globally, ensuring that each vehicle adheres to stringent quality benchmarks throughout the production process.

Vision Statement of Tata Motors Limited (TTM)

Vision Statement of Tata Motors Limited (2024)

The vision statement of Tata Motors emphasizes its commitment to innovation, sustainability, and being a global leader in the automotive industry. As of 2024, Tata Motors aims to enhance mobility solutions while focusing on electric vehicles (EVs) and sustainable practices.

1. Innovation in Mobility Solutions

Tata Motors strives to lead in technological advancements. In FY 2022-23, the company invested over ₹3,500 crore in research and development, focusing primarily on electric and hybrid vehicle technologies.

2. Commitment to Sustainability

The vision statement reflects Tata Motors' dedication to sustainable practices. As part of its sustainability strategy, Tata Motors aims for a 30% reduction in carbon emissions by 2025, compared to the 2020 baseline.

• Renewable Energy Usage: 100% renewable energy in global operations by 2030.
• Water Conservation: Targeting a 25% reduction in water consumption by 2025.
• EV Portfolio: Commit to launching 10 new EV models by 2025.

3. Global Leadership in Automotive Industry

Tata Motors aspires to be among the top ten automotive manufacturers worldwide by 2025, focusing on market share and customer satisfaction. The company reported a market share of approximately 5.3% in the Indian passenger vehicle segment in 2022.

4. Enhancing Customer Experience

The vision includes a commitment to delivering exceptional customer experiences through digital transformation. Tata Motors aims to improve customer satisfaction scores to at least 85% by 2025.

• Digital Engagement: Implementing AI-driven customer service platforms.
• Feedback Mechanism: Establishing real-time feedback systems post-purchase.
• Service Network Expansion: Increasing service centers by 20% by the end of 2024.

5. Employee Empowerment

In alignment with its vision, Tata Motors focuses on fostering a culture of innovation and employee development. It aims to increase employee training hours by 40% through 2024.

Core Values of Tata Motors Limited (TTM)

Integrity

The core value of integrity at Tata Motors Limited is foundational to its operations, emphasizing honesty, transparency, and ethical practices.

In FY 2023-24, Tata Motors maintained a commitment to integrity by adhering to stringent compliance measures, resulting in a compliance score of 98% during internal audits.

• The company’s Code of Conduct training program has reached 100% employee participation since its introduction in 2021.
• Tata Motors reported zero incidents of non-compliance with regulatory obligations in the last fiscal year.

Customer Centricity

Customer centricity remains a core focus, ensuring that client needs and feedback drive product development and service enhancements.

For example, Tata Motors launched the 'Voice of Customer' initiative in 2023, which has led to a 15% increase in customer satisfaction scores across all segments.

• The introduction of the Tata Safari has resulted in over 25,000 units sold in its first year, showcasing the company's responsiveness to customer demands.
• The establishment of a dedicated Customer Experience team has reduced complaint resolution time from 7 days to just 3 days.

Innovation

Innovation is at the heart of Tata Motors’ strategy, fostering a culture of creativity and technological advancement.

In 2023, Tata Motors allocated ₹2,000 crores (approximately $240 million) towards R&D, focusing on electric vehicle technology and sustainable automotive solutions.

• The launch of the Nexon EV has positioned Tata Motors as a leader in the EV segment, capturing a market share of 65% in the electric SUV sector in India.
• Tata Motors has filed over 200 patents in the past year, reflecting its emphasis on pioneering advancements in automotive technology.

Sustainability

Sustainability is integral to Tata Motors' operations, aligning business practices with environmental stewardship.

The company's commitment to reducing its carbon footprint has seen a reduction of 22% in emissions per vehicle from 2019 levels as of FY 2023-24.

• The introduction of the 'Green Mobility Program' aims to produce 50% of Tata Motors' portfolio as electric or hybrid vehicles by 2025.
• In 2023, 30% of Tata Motors’ manufacturing facilities were certified as Zero Waste to Landfill.

Excellence

Excellence drives Tata Motors to achieve the highest standards in product quality and service delivery.

The company's excellence framework has resulted in an 18% improvement in overall product quality metrics over the past fiscal year.

• Tata Motors received the prestigious J.D. Power Award for Highest Customer Satisfaction in the Midsize SUV segment in 2023.
• The implementation of the Quality Management System across all plants has led to a reduction in defect rates by 25% year-on-year.