Tata Motors will be launching Nexon compact SUV by the year-end as part of its strategy to improve its share in passenger vehicles segment, a company official said.
With five per cent market share, Tata Motors is currently at fourth place in the domestic market and has set the goal of reaching third position by 2019.
Pratap Bose, Head of Design, Tata Motors, said they didn't have presence in 60 per cent 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 Tata Tigor, its latest product, in Hyderabad market.
The starting ex-showroom price of Tigor in Hyderabad is Rs 4.85 lakh for Revotron 1.2L (petrol) variant and Rs 5.77 lakh for Revotorq 1.5L (diesel).
He claimed that many cars were in design and engineering phases. He said these were part of the company's strategy for a sustained growth in passenger vehicles segment.
Tata Motor's market share in passenger vehicles segment grew by 0.64 per cent 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 per cent 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.