With a change in the executive team and with the help of new products and a revamped service back-up, the company is turning around operations.
After witnessing a pull in customer demand with the launch of the Zest, Bolt and Nano, India’s biggest automobile maker, Tata Motors, is set to make ‘strong’ investments in new products and technologies.
In his annual address as the chairman, Cyrus Mistry said, “Tata Motors’ strategy hinges on leveraging the long-term growth opportunity in the Indian automobile industry.
"India is forecast to witness multi-fold increase in motorisation. The company is strongly investing in product and technologies that would make it future ready and would also fuel international growth.”
The Mumbai-based company is working on a string of new products in the passenger and commercial vehicle space to address demand in different segments. With earmarked investments of Rs 3,000 crore (Rs 30 billion) every year towards capital expenditure, the company wants to tap all segments.
“As leaders in the commercial vehicle industry, Tata Motors is developing a strong pipeline of products and solutions.
"In passenger cars, too, the company will continue to excite the market with new and innovative products that will seize the imagination of customers,” Mistry said in Tata Motors’ 70th annual report.
At the stand-alone level in the recent past, the company had been unable to defend its position in the market, especially in the car and sports utility vehicle segments, losing market share and profitability.
With a change in the executive team and with the help of new products and a revamped service back-up, the company is turning around operations.
For Jaguar Land Rover, the company-owned British luxury brands, this year will be important.
“With continued investments in new products the pipeline for the business remains strong for sustained growth in the future,” Mistry added.
JLR, which sees annual investments of 3.5 billion pounds, will launch the Jaguar XE and Discovery Sport worldwide this year.
Image: Tata Group Chairman Cyrus Mistry. Photograph: B Mathur/Reuters
