Renault, currently facing challenges in the highly competitive Indian automotive market, is determined to revamp its business. The French automaker, in collaboration with its alliance partner Nissan, plans to make a significant investment of USD 600 million (approximately Rs 5,300 crore). This substantial infusion of funds will be utilized to increase production capacity, enhance research and development activities, introduce electric vehicles (EVs), and transition to carbon-neutral manufacturing by 2045.
Venkatram Mamillapalle, Managing Director at Renault India, has shared that the company anticipates a surge in sales volume starting from 2024. To compete with popular models like the Hyundai Creta, Kia Seltos, Toyota Hyryder, Maruti Suzuki Grand Vitara, and Honda’s upcoming Elevate, Renault will re-enter the mid-size SUV segment. While specific details regarding the product remain undisclosed, it is speculated to be the new-generation Duster. However, the official debut and India launch timeline for this vehicle have not been confirmed.
The company’s plan also includes the introduction of two additional internal combustion engine (ICE) vehicles, alongside a mass-market electric car. The new Renault EV and the larger ‘C’ segment cars are expected to be available from 2025 onwards. Renault India aims to achieve a customer base of two million by 2030. With the introduction of their new mass-market EV, the French automaker aims for EVs to account for one-fourth of its sales by 2030.
Renault also intends to expand its manufacturing capabilities and bolster exports from India. Currently, Renault exports all three of its products (Kwid, Kiger, and Triber) to 14 countries in the Asia-Pacific, SAARC, East Africa, Indian Ocean regions, and South Africa. In 2022 alone, the company managed to export over 27,000 units. Recently, Renault achieved a production milestone of one million vehicles in India, utilizing its manufacturing facility in Chennai, which boasts an annual production capacity of 480,000 units.
