Renault Targets Seven Models, Euro 2 Billion Exports, Top 3 Market by 2030, Says CEO
Renault, which had 4 per cent market share in 2012 when it launched its popular Duster SUV, has at present less than 1 per cent due to lack of new models.
Pune: Renault, the French car giant, plans to introduce seven models in India by 2030, including battery electric vehicles, as it steps up its product push in the world's third-largest auto market, its global CEO Francois Provost said on Thursday.
The automaker also wants India to rank among Renault’s top three global markets by 2030 and aims to capture 5 per cent market share in India by the end of the decade.
Renault, which had 4 per cent market share in 2012 when it launched its popular Duster SUV, has at present less than 1 per cent due to lack of new models.
Under its broader international game plan, Renault has said it will spend 3 billion euros by 2027 launching Renault-brand models in India, Latin America, South Korea, Turkey and North Africa.
"Our ambition goes beyond 'India for India' in growth and product," Provost said in a Thursday statement, adding the firm sees the country as "a technology hub, an export hub, and a strategic asset on a global scale".
Renault, which does not have a presence in the U.S. and China, is doubling down on India, a market it expects will play a key role in developing new models and boosting sales for the French carmaker globally.
Renault expects electric vehicles to account for about half of its sales in India by 2030 and plans to introduce cars across hybrid, electric and compressed natural gas powertrains.
The company will also introduce small cars measuring less than four metres in length as part of its expansion in entry-level segments in the country, Provost said.
Sales of cars in India are projected to touch 6 million by 2030, up 36 per cent from 2025, S&P Global Mobility data showed, with a rapid increase in demand for SUVs and premium vehicles - a shift Provost is betting on.
He said that India is emerging as a major source of global engineering and innovation for Renault, and that the company aims to generate about 2 billion euros ($2.36 billion) worth of exports from the country by 2030.
Renault has been facing the heat from rival global automakers in India, including Japan's Toyota, Suzuki and China's SAIC Motor, which are increasingly deepening investments in India and betting on rising domestic demand and its growing role as a hub for automotive production and engineering.
