Homegrown auto major Tata Motors is working on a slew of new products, including alternate fuels, hybrids and electric vehicles, to be launched over seven years, according to Chairman Cyrus Mistry.
Addressing shareholders in the annual report for 2012-13, Mistry also said the company's British arm Jaguar Land Rover plans to launch eight new or refreshed products this year, besides exploring further opportunities in other growing markets, including Brazil, India and Saudi Arabia.
"The company is working on a slew of new products, with a plan running up to 2020; this includes appropriate focus on alternate fuels, hybrids and electric vehicles," he said.
Tata Motors had recently announced HORIZONEXT strategy, based on intense product focus, world-class quality and manufacturing, enriched customer purchase experience and a consistent, robust after-sales service, to drive growth.
"With changes in the organisation structure, the company is determined to improve its customer understanding to better meet market needs, and deliver products swiftly through optimised operational processes," Mistry said.
Looking ahead, he admitted that there are challenges but said that "the organisation is resolved to foster a culture of customer centricity and innovation, so that the company's products and services consistently exceed customer expectations".
On JLR, Mistry said:"Technical innovation and engineering excellence have stood JLR in good stead for sustained, profitable growth and the company plans to launch eight new or refreshed products this year."
Stressing that it is a healthy and vibrant company, he said JLR is "strongly positioned across key global markets for future growth".
He said JLR has underlined its commitment to expanding its presence in China, a long-term strategic market where it has partnered Chery Automobile Company and is setting up a new plant to be built at Changshu, in Jiangshu province.
"JLR also continues to explore further opportunities in other growing markets, including Brazil, India and Saudi Arabia," he added.
Describing FY 13 as "a challenging one for Tata Motors", he said "despite difficult economic conditions and increasing competition, the company retained its market leadership in commercial vehicles, on the back of new offerings and introduction of innovative technologies".
The mini truck Ace and Magic vehicles crossed the sales mark of one million units, achieved in seven years since these products were first introduced in the market, he said.
Tata Motors said that while it has enhanced market share in light commercial vehicles, it has lost market share in the medium and heavy commercial segment due to competitive pricing pressures.
"The sales performance of the company's passenger vehicles, however, was significantly lower as compared to expectation; rapid changes in customer preferences along with the de-regulation of diesel pricing both took their toll," Mistry said.
On the small car Nano, the company said it is continuing with its drive to identify newer markets for the car. Currently it is sold in Nepal and Sri Lanka and is also evaluating other markets in South Asia.