Hyderabad: Commercial vehicles (CV) major Tata Motors is betting big on its recently launched Tata LPT 909 EX, an intermediate commercial vehicle (ICV), which is an extension of the LCV segment. 

The company, which has sold nearly 650 units of the vehicle since its launch in May in a few cities, has set a target to sell over 12,000 units during the fiscal, said Prem K Verma, head (sales & marketing), LCV and SCV segment. 

Addressing the press conference here on Wednesday to announce the launch of LPT 909 EX, Mr Verma said that the new ICV segment, which is an extension of LCV, is expected to witness a sharp growth during this fiscal from 15,000 units to 21,000 units. 

"Tata Motors is targeting to achieve 60 per cent market share in this segment," he said. This could be possible as the LPT 909 EX is much better offering in all aspects than that of its competitors from Eicher and Swaraj Mazda, he added. 

Of the total commercial vehicle industry capacity of 2,60,000 units last fiscal, Tata Motors garnered a market share of 58 per cent with over 1,52,000 vehicles. As the CV industry is expected to grow at 20 per cent this fiscal, Tata Motors has revised its market share upwards at 60 per cent during the fiscal, he said. 

The CV sector has grown 36 per cent in the last fiscal, with Tata Motors exceeding the industry average with a 43 per cent growth. During the fiscal 2002-03, Tata Motors had achieved a market share of 55 per cent in the CV segment, he said. 

In Andhra Pradesh, too, the company hopes to capture a 60 per cent market share in the ICV segment.