Tata Motors will launch its compact SUV Nexon by the end of this year as part of its strategy to improve its share in passenger vehicles segment, a company official said.
With 5% market share, Tata Motors is currently at fourth place in the domestic market and has set the goal of reaching third position by 2019.
Tata Motors design head Pratap Bose said they didn’t have presence in 60% of the market.
“We don’t have presence in some segments and compact SUV is one of them,” Bose told reporters on the sidelines of the launch of its latest product Tata Tigor in Hyderabad. Tigor starts at Rs 4.85 lakh for Revotron 1.2-litre (petrol) variant and Rs 5.77 lakh for Revotorq 1.5-litre (diesel) ex-showroom Hyderabad.
Bose claimed that many cars were in design and engineering phases as part of company’s strategy for sustained growth in passenger vehicles segment.
Tata Motors’ market share in passenger vehicles segment grew by 0.64% last year. The company sold 1.53 lakh units in 2016-17 against 1.25 lakh in the previous fiscal.
In March 2017, the company recorded sales of 15,433 vehicles, a growth of 84% over March 2016.
Tigor is Tata Motor’s third product in one year, having launched Tiago and Hexa earlier.
Bose said that in Tigor they brought together the best of the features of large hatchbacks and small sedan. He said they tried to fill the gap in both the categories in terms of space and style.
Tigor is the third product from Tata Motors based on Impact design technology. He claimed that Tiago received a huge response with 80,000 bookings. Over 50,000 Tiago were already on roads.