Pune: Tata Motors is betting big on its upcoming model compact SUV Nexon as it prepares to enter the fastest growing segment in the Indian passenger vehicles market by September, senior company officials revealed during a pre-launch event in Kochi.
Nexon will be the last vehicle on the platform on which the company has developed earlier models such as hatchback Bolt and compact sedan Zest.
According to Tata Motors President, Passenger Vehicles Business Unit, Mayank Pareek, the compact SUV is the fastest growing segment in Indian car market clocking 180 per cent expansion last year.
“Around five years ago, there was nothing like compact SUVs but suddenly, they came from nowhere and now they occupy 12 per cent of the total market, which is huge,” Pareek said.
Underlining the significance of the Nexon, Pareek said, “We are entering that segment now and are quite confident that anybody who is looking to buy a compact SUV will consider it. After that, we are confident that we have a product which he will vote for.”
The company had started working on the compact SUV in 2012-13.
“We knew that the segment was going to grow. At that time, the segment was very nascent, it was much smaller. Hence, we had to anticipate what was going to happen but we realised that we probably wouldn’t be the first to get into the segment,” he said.
The combination of strength of SUV on the lower body with a sporty feel from the roof is a departure from boxy SUV, he added.
“The 1.2-litre petrol engine and 1.5-litre diesel engine, both of which are brand new engines have been created for this car but also for our future products,” Pareek said.
When asked about future models based on the platform on which Nexon is built, he said, “This will be the last car on this platform and I think we made clear that in our future strategy, we’d move to the modular platform.” Pareek said the company continues to maintain cautious optimism and will work towards turning around the business, in line with its strategy.