In addition to launching the electrified versions of the Harrier and Punch, it plans to bring the Curvv SUV. The Curvv will be the automaker’s first new brand in three years, as the Tata Group automotive flagship seeks to cement its position in the world’s third largest market.
“We expect next year to be much more promising as we completely revamp our portfolio with addition of two to three new models which will include facelifts and a new nameplate in the ICE (internal combustion engine) and EV segments,” Shailesh Chandra, managing director at Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, told ET. On whether the frequent product actions can make the year a record one for the PV business, he said, “That’s the aspiration.” Steering clear of making any projections on numbers, he said the company’s growth will be faster than the industry.
People aware of the firm’s internal targets said Tata Motors is looking to grow sales by 10% in 2024. It expects sales in 2023 to grow 5% to 550,000 passenger vehicles, which will be the highest for a year so far.
Unlike rivals which introduced new models in last two years that drove sales, Tata Motors relied on introduction of new powertrains like CNG and electric, and special edition models. The Punch small SUV, launched in August 2021, was the last brand to be added to PV portfolio. Even mid-cycle model refreshes kicked in only at the fag end of the year with the facelifts of the Nexon, Nexon.ev, Harrier and Safari. The new Nexon and Nexon.ev, launched recently have got combined bookings in excess of 100,000 units – 85,000 for the fossil fuel version and rest for the electrified one, said Chandra. Commenting on the EV market, he said led by the addition of new and more affordable models, improving charging infrastructure and continued government support, EV sales remain strong.
Tata Motors is on track with plans to have 10 EV models by 2026. “With the mix getting richer, we expect revenue in the EV business to improve. Even the profitability will as battery prices have been coming down,” Chandra said.