new delhi targeting to become the third biggest passenger vehicle maker in india by 201920 after maruti suzuki and hyundai homegrown auto major tata motors is lining up a slew of new products including a compact suv premium hatchback and an executive sedan at the 5th position in volume terms at present the company is looking to fill in gaps in its product portfolio as its current models cover only 60 per cent of the passenger vehicles segment the mumbaibased auto major also plans to have lesser number of platforms going ahead to cut cost and complexities in product development read also tata motors optimising structure to speed up product launches we have finalised our product plan for the next five years today tata motors covers less than 60 per cent of the total market and one of the things which we focused during the product strategy is to increase our footprint in the 100 per cent of the market tata motors president passenger vehicles business unit mayank pareek told the move would naturally help the company consolidate its position he added the mumbaibased auto major also plans to have lesser number of platforms going ahead to cut cost and complexities in product development it brings in new customers it also helps us keeping customers in our fold this is one big transition pareek said when asked which of the verticals the company would like to enter he said the 40 per cent space that we are not in constitutes some of the very obvious segments we are not there for example in the premium hatchback segment so thats one obvious wide space for us similarly in the executive sedan segment and compact suvs we are not there with the launch of hexa suv next january the company would like to cement its position in one of the various fast growing segments pareek said our vision is to be number three by 201920 he added many of the upcoming models are in various stages of development pareek said plans are underway and many of these are in advance stages of getting developed for some we are already planning capacities we have already invested a lot of money pareek said the company has earmarked rs 3500 crore to rs 4000 crore divided equally between passenger vehicles and commercial vehicle segments for research and development purposes this fiscal tata motors invests in the same range on rd purposes every year we have redrafted our product plan to reflect future and one of the big decisions in that is we will have less number of platforms but more number of cars this helps us in reducing complexities helps us in managing the change much better it improves cost structure he added at auto expo held earlier this year tata motors had unveiled a concept compact sports utility vehicle nexon along with another compact sedan kite pti published on oct 23 2016 at 0319 pm ist telegram facebook copy link be the first