Tata Motors Ltd., India's largest commercial vehicle (CV) maker, plans a major product push in the next fiscal year, aiming to launch over 140 new products and 700 variants, according to Girish Wagh, Executive Director, during a post-earnings analyst call.
"Every year, we launch more than 140 new products and over 700 variants, and we will continue to maintain the same momentum," Wagh said.
The company's focus on CVs reflects the segment's critical role in its business strategy. Tata Motors, headquartered in Mumbai, seeks to capitalise on the anticipated growth in the Indian CV market, driven by rising infrastructure spending and a revival in key sectors like construction, mining, and logistics. Domestic CV wholesale volumes increased 14% quarter-on-quarter in Q4 FY24 but declined 7% year-on-year in Q4 and 4% for the full fiscal year. CV market share improved sequentially, with small commercial vehicle and pick-up truck segments showing initial signs of recovery.
Meanwhile, Tata Motors' non-vehicle revenue grew 13% year-on-year in Q4 FY24 and 17% for the full year. The company's management remains focused on improving price realisation and expanding retail market share through its product portfolio. Additionally, they are actively pursuing growth in downstream verticals by increasing service and spare parts penetration.