Homegrown auto major Tata Motors plans to bring around 10-12 new products in passenger vehicles segment in the next five years, according to a senior company official.
The new products, to be developed on two new platforms -- Alpha and Omega, will help the company to have presence in over 90 per cent of the Indian passenger vehicles market.
"In the next five years, the Indian automotive market will continue to evolve with many segments and sub-segments emerging. Our plan is to be present in existing segments and create new ones," Tata Motors President of Passenger Vehicles Business Unit Mayank Pareek told PTI here.
When asked how many new products are planned, he said, "On the two new modular platforms that we have, there could be around 10 to 12 nameplates in the next five years".
Pareek further said, "These new products, which will include variants, could be in existing segments or new ones which we see emerging. These will help us have presence in over 90 per cent of the market".
As part of its streamlining process for turnaround strategy, Tata Motors has already decided to reduce the number of platforms to two for developing the new PVs.
The company will kick off the launch of new products with SUV Harrier in the fourth quarter of the current fiscal.
With the existing PV product portfolio, Tata Motors has presence in around 70 per cent of the market.
Going forward, Pareek said the company plans to develop compact segment vehicles of up to 4.3 meters in length on its Alpha platform, whereas bigger products, including SUVs, will be based on the Omega platform, which is derived from Land Rover for India.