NEW DELHI: French carmaker Renault will be launching five new passenger vehicles (PV) in the Indian market over the next three years as it looks to increase its market share which stood a little over 1% in the calendar year 2023.
The company sold less than 50,000 passenger vehicles in the domestic market last year as against total PV industry sales of 41 lakh units. “Over the next three years, we are set to embark on an exhilarating journey with five product launches, encompassing both entirely new models and the next generation from our current product range. This significant stride forward is not only a testament to our commitment but also marks the introduction of the all-new Renault brand identity to the Indian market,” said Venkatram Mamillapalle, Country CEO and managing Director of Renault India Operations.
Among the five upcoming launches, Renault has confirmed that two will be the new version of Triber and Kiger. It is expected that Renault will bring back the Duster SUV as demand for compact and mid-size SUVs remains high. The management, without confirming a Duster relaunch, said that they would launch a B+ SUV and a C SUV. The fifth launch will be an electric vehicle.
The company on Tuesday launched the upgraded versions of the Kwid, Triber and Kiger models with new features. Even as Renault’s sales in India fell in 2023 despite the overall PV industry expanding by 8%, the company is confident of achieving double-digit growth in 2024. “We are eyeing double-digit growth this year... we are refreshing our current product range. Also, there will be marketing actions, so that should help,” said Mamillapalle. He also informed that they will continue to sell Kwid in the domestic market.
The new launches, according to Renault, are in addition to the $3.2 billion investments it has committed to markets outside Europe, which also includes India. Renault and its Japanese partner Nissan will pump nearly $600 million into India over the next three years to boost its sales.