Tata Motors to launch 10 new products in 24-36 months
Incremental volumes from new products may help Tata Motors drive ahead of Hyundai as India’s second largest carmaker.
Tata Motors, India’s largest automobile company by revenues, is launching one new product every quarter in its car business for the next two to three years, as it seeks to sustain a strong market outperformance in the coming years.
Having grown at double the market rate, Tata Motors is planning for 20% growth in volumes in the next year – with a monthly production plan of 55,000 to 60,000 units a month, said sources. The annual sales could range from 660,000 to 700,000 units in the next year or so, Autocar Professional learns.
If the manufacturer of the Nexon and Harrier SUVs achieves its target, then Tata Motors may trump Hyundai Motor India for the No. 2 position in the next 12 months.
Meanwhile, Hyundai Motor India also plans to enter the sub-compact SUV space with its Ai3 CUV challenging the Tata Punch and an all-new Verna but sources say Hyundai’s domestic sales plan of 600,000 units is lower than Tata Motors’ ambitious plan.
Tata Motors has lined up 10 new product actions across price points, across body styles and engine options. Carrying forward its multi-powertrain strategy, the product action includes the launches of EV and CNG versions of the Altroz premium hatchback and the Punch compact SUV for 2023.
There is a serious attempt to keep the portfolio fresh and there are mid-cycle enhancements lined up for the Nexon, Harrier and Safari SUVs along with some limited-edition products in 2023-2024. These will come before a whole new range of crossovers and SUVs enter the market with the Curvv, Sierra and Avinya planned for 2025.
Declining to share specific volume guidance, Shailesh Chandra, MD of Tata Motors Passenger Vehicle business, told Autocar Professional the company will strive to outperform the market. He said: “With the median shifting upwards towards Rs 10 lakh, there is a fair bit of volume on both sides of the market. It gives you more opportunities to bring products which can be giving you the return that you want on the investments that you are making. The centre of gravity in terms of launches is also moving to more than Rs 10 lakh.”
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