After losing out to rivals in the Indian passenger vehicles market, Tata Motors is plotting a comeback with a sense of urgency and will bring a couple of new models every year, even as it admitted that lack of new products has hurt the company.
With the new hatchback Bolt and compact sedan Zest slated for launch in the second half of the calender year, the firm is looking for the much-needed kick-start for revival under its 2020 product plan.
"Starting from this year, we will launch Bolt and Zest and we are working very hard on product development...every year we will bring couple of new models,"Tata Motors President (Passenger Vehicles Business Unit) Ranjit Yadav told PTI.
Underlining the urgency with which the company is working to introduce new models in the market, he said: "The Nexon, for example, that would be commercialised and will be available for the sale in next 24 months. So you can see that the portfolio starts to get up filled very quickly."
Nexon is a concept compact sports utility vehicle that was unveiled at the Auto Expo here
He further said between Nexon Bolt and Zest there would be many other launches as well.
"Every year we are looking to launch couple of new cars," he added but declined to comment on whether these new cars would be on brand new platforms or variants of existing models.
When asked if the slowness in introducing new products has affected the company's market standings, he said: "We have not introduced (model) which has been a huge volume player in the last 3-4 years. That's quite obvious. That is something we are changing as we go forward."
Reiterating that the company's aim is to be a "podium finisher" in the Indian passenger vehicles market, he said: "There is a backlog which we have to catch up. Something we have to exceed."
It has fallen behind rival Mahindra & Mahindra in the pecking order in India.
In the April-January period this fiscal, the company's passenger vehicle sales stood at 1,14,490 units as against 1,99,186 units in the year-ago period, down 42 per cent.
Stressing the need to be nimble-footed, Yadav said: "If you look at the global markets, we are not a very large passenger vehicle manufacturer, if we have to be successful, then we have to be faster. That's the attempt from our side."
On the overall market scenario, Yadav said it still remained a challenge.