Tata Motors plans to launch a new small commercial vehicle (SCV) 'Magic Mantra' in the country next month, thereby expanding product range under its popular public transport vehicle 'Tata Magic'.
The 40 HP Magic Mantra would be the newest entrant in the Tata Magic range, which have already scaled the 3 lakh units sales milestone in the country.
"We already have over 85 per cent market share in the Tata Magic segment and now we plan to further consolidate it by launching Magic Mantra, which is a more powerful vehicle," Tata Motors Senior Vice President, Commercial Vehicles Business Unit, R Ramakrishnan said.
Sharing some details, he added that the new model would be powered by a 40 HP diesel engine as compared to the 16 HP engine in the Tata Magic.
"We keep on listening to the customer demands. They wanted a vehicle in the Magic range which could travel over long distance, climb better and run faster. So we have responded to the customer demand by bringing in a new 40 HP vehicle," Ramakrishnan said.
The company would continue selling Tata Magic in the country, he added.
Besides the 40 HP engine, the new vehicle would come with a BSIV compliant common rail engine. The company however did not share the price range of the new product.
The company currently sells around 2,000 units per month of Tata Magic range of vehicles in the country.
Further, the company has decided to double the warranty on these vehicles to 2 years or 72,000 kilometres as against 36,000 kilometres or one year, he added.
Developed on the remarkably successful ACE platform, Tata Magic was introduced in June 2007 as India's first small commercial four-wheeler in last mile public transport.
The Magic family currently has four offerings, based on engine type and fuel. It comprises the Magic Diesel (BS3 and BS4), Magic CNG (BS4), Magic Iris Diesel (BS3 and BS4) and Magic Iris CNG (BS4).
The Tata Magic is manufactured at the company's Pantnagar plant, which began its commercial production in August 2007.
In July this year, the company's Tata Ace family of mini commercial vehicles had crossed 1.5 million sales milestone.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 2,62,796 crore ($42.04 billion) in 2014-15.
The company's shares on Monday ended at Rs 331.60 apiece on the BSE, up 0.97 per cent from previous close.