Chennai, 16 July
Franco-Japanese auto alliance Renault-Nissan today said it will double its investments in India to five billion dollars in the next five years for overall expansion, including new products and adding fresh production capacity in the country.
The alliance, which today announced a completely new global platform of vehicle (CMF-A), developed fully from scratch in India for high growth markets, said it is still working on an ultra low cost car (ULC) that would be only tad costlier than Tata Nano.
“We have been investing in India …. The Chennai plant, technical centre and the new platform CMF-A and others for introducing new models, so far we have invested $2.5 billion in the country,” Renault-Nissan alliance chairman and chief executive officer, Mr Carlos Ghosn said at a Press conference here today.
“There are so many products coming. Nissan has already said 10 cars by 2016 and Renault is also planning to bring many more. So our overall investments of $2.5 billion in India will double in the next five years,” he added.
With all the new products coming in, including the relaunched Datsun brand, the alliance is looking at having 15 per cent market share in few years, he said without specifying a time line.