Tata Motors expects to achieve ‘good double-digit’ growth as it did last year in the passenger vehicles segment in 2018-19, driven by increasing demand from younger customers.
“[The] previous two fiscals have been good for us. We have outgrown the industry. In FY17, we saw a growth of 22% in passenger vehicles, which was more than the industry growth of 9.5%. Likewise, in FY18, our growth was almost 23% compared to the industry growth of 8%,” S.N. Barman, vice-president (sales, marketing & customer support), passenger vehicles business unit, Tata Motors said.
Asked about growth expected in the current financial year, Mr. Barman did not share any numbers. However, he said he was confident of achieving growth similar to last year.
“If you look at our customer profile, it is changing very [quickly] for Tata Motors. Today, 65% of our customers are less than 35 years old which means young people like our products. This year too, we will be way ahead of the industry,” he said. Mr. Barman pointed out that during the last fiscal, the company has been able to increase its market share in the passenger vehicle segment to 5.8% from 4.6%.
Dealership expansion
He added the company would increase its dealership network by 100 this year to achieve “high double-digit growth.” It currently has 746 dealarships. “We are constantly working on revamping and upgrading our products. This, along with marketing,… will help us achieve high double-digit growth.”
The firm recently unveiled the AMT version of its SUV Nexon. “We now have one product doing well in each segment. Tiago is now among the top 10 models in the hatchback segment and Tigor in the sedan segment. Nexon is number 2 in SUVs,” Mr. Barman said.
