Tata Motors Ltd. plans to introduce three new car models this financial year in India as it seeks to refresh an aging lineup and regain market share, according to people familiar with the matter.
The carmaker will unveil a sedan, a hatchback and a crossover during the year ending in March, three people with knowledge of the plans said, asking not to be named as the matter is private. It’s also considering the introduction of a compact sport-utility vehicle later, the people said.
Tata Motors doesn’t comment on plans for future models, said Minari Shah, a spokeswoman for the Mumbai-based company.
The automaker, which owns the Jaguar and Land Rover luxury marques, has said it will unveil at least two new passenger vehicles every year through 2020 to drive growth and gain back market share in India. Tata Motors has gone from being India’s third-biggest car maker in 2012 to the fifth-biggest this year, as consumers opted for newer models offered by Maruti Suzuki India Ltd. and Hyundai Motor Co.
Tata Motors had a market share of 5.7 percent in the April-July period, compared with the 48 percent held by Maruti Suzuki and 17 percent by Hyundai Motor, according to data from the Society of Indian Automobile Manufacturers.
The three new models will be the latest additions to Tata’s lineup since the Zest compact sedan and Bolt hatchback were introduced in the past year. The Zest and Bolt helped boost sales of its cars and SUVs in India by 9.7 percent in the four months through July, rebounding from the 36 percent slump a year earlier.
Tata Motors has declined 28 percent this year in Mumbai trading, as demand slumped in China for its Jaguar and Land Rover vehicles. The benchmark BSE India Sensex Index has risen 1.8 percent this year.