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Renault sees global market growth, pursues India plans

by Reuters Posted on 21 Nov 20124,927 Views1 Comments

French carmaker Renault expects the global auto market to expand by close to 30 percent by 2020 despite current stagnation in Europe


Renault lozenge



Like other carmakers facing a slump in sales to European customers, Renault is trying to tap into fast-growing emerging markets, where demand remains stronger, with cheaper models. It already expects to make half of sales outside Europe this year.


"There is no reason to be desperate about the car market, there is a very large growth potential, but we have to be able to follow the changes, especially geographic," Chief Operating Officer Carlos Tavares said during an industry conference.


He told journalists he expected the global market to exceed 100 million vehicles in 2020, compared with 78 million units sold last year.


As part of its grab for market share in emerging markets, Renault plans to unveil early next year a low-cost model to be made in Chennai, in India, and priced at around $6,400, Latribune.fr news website reported.


The model will be developed with Japanese partner Nissan and is expected to reach the market at the end of 2014, the website said, adding that it was not destined for Europe.


Renault and Nissan are also working on an even cheaper vehicle to be priced at around $3,800 to take on the Tata Nano in the Indian market, Latribune.fr reported.


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