The biggest vehicle producer in India - made the comments on a visit to South Korea.
A hybrid vehicle typically uses two or more distinct power sources to move it, usually petrol or diesel and a battery.
Mr Tata also said that low-priced goods would drive sales faster than high-end ones in India.
And he predicted this so-called price revolution would also continue to spread across the world.
The chairman did not provide any further details on the possible launch of cheap hybrid versions.
The Nano, whose basic model costs 100,000 rupees ($2,155; £1,306), was first delivered in India in July this year.