‘Looking at India to be among top 3 global markets for Renault, aiming 5pc market share in future’
Chennai, April 16: French automaker Renault is looking to make India one of its top three global markets, for which it will expand its portfolio in the country to seven multi-energy models, by 2030, its global group CEO Francois Provost said on Thursday.
The Renault Group has also set a target of exports, including components and technology, worth 2 billion euros annually by 2030 from India, while aspiring to achieve a market share of 5 per cent in the future in the country’s passenger vehicle market, he told reporters here.
The French auto major is not looking to leverage the India-EU FTA, Provost said, adding exporting from Europe to India and vice-versa is not in the company’s plans as its strategy is “India for India with strong localisation”.
“In India, we have great ambition: make it one of Renault brand’s top three markets worldwide,” Provost said.
To achieve this, he said, “We are entering our largest product renewal cycle in India. We will introduce new vehicles, bringing our portfolio to seven models by 2030.” Renault has already launched the new Duster, which received strong interest from customers, Provost said, adding, “We presented the new Bridger concept– a multi-energy vehicle, with best-in-class efficiency. Our goal is to begin production in India in the second half of next year.”
Elaborating on reasons for the bullishness on the Indian market, he said the country “represents more than one-third (34 per cent) of the TIV (total industry volume) growth in the markets where Renault Group operates. It is one of the fastest-growing automotive markets.” On the ambitions in India, he said, “My strategic target in this market is to reach as soon as possible, 5 per cent market share but I do not push the team to do it in two years, in four years, but this is the vision.”. (PTI)
