Renault pegs first product launch under JV with Nissan by 2025

France-based automaker Renault which announced fresh investments of Rs 5,300 crore through its joint venture partner Nissan Motor, expects to roll out the first product by 2025.

In February, Renault and Japan-based Nissan announced new investments to bring in six new products, including two small electric cars, and upgradation of the alliance plant at Oragadam about 45 kms from here. Of the six vehicles planned, three would be each for Nissan and Renault.

Nissan would hold 51 percent in the JV while Renault 49 percent.

"We are getting into EV (electric vehicle) space. We are also entering into bigger vehicles (above the four-metre segment). We already have passenger cars like KWID, KRIGER, and TRIBER in India," Renault India Operations Country CEO and Managing Director Venkatram Mamillapalle told reporters on Wednesday.

"Growth pattern for Renault has been consistently good. I think with the new products we will be turning around (in terms of profits).", he said.

Observing that the company was able to achieve localization of up to 92 percent in its existing product portfolio, Mamillapalle said," The same (92 percent localization) is the target for new vehicles as well."

Declining to elaborate on the new products, he said, "we are already working on four models. Work has started aggressively. We are also trying to improve our dealer network.."

Renault India currently has over 450 sales and 530 service touchpoints including 250 workshop-on-wheels across the country.

To a query, the Managing Director said, the new product expected to be launched in 2025 would be over 4-meter category since Renault already has a presence under the sub-4-metre segment.

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On the total number of vehicles sold in India, Mamillapalle said the company recorded sale of 84,000 units last year in the domestic market while 28,000 units accounted for overseas shipments.

"This year, we will be close to similar numbers. that is over one lakh units including exports."

The company ships KWID, KIGER, and TRIBER to 14 countries including South Asian Association for Regional Cooperation (SAARC) countries, Asia Pacific region, South Africa, and East Africa region.

Asked whether the company would miss the bus in the EV segment with existing automakers already entering into this space, he said, "we are not doing conversion of ICE (internal combustion engines) engines to EVs (electric vehicles)..our products will be an adaptable version of EVs."

Referring to the announcement by Nissan and Renault on creating 2,000 new jobs with the fresh investments, he said, "we are working on that already (creating 2,000 new jobs)...we are honoring our commitments to Tamil Nadu and thanks to the Chief Minister