French carmaker Renault is considering making a mass-market electric vehicle (EV) for India, Reuters reported, citing sources. EVs will be part of the company’s push to innovate into a market where EV adoption is expected to grow rapidly from a small base. This strategy shows how Renault is advancing its electrification plans.
This comes even as it prolongs unresolved talks with partner Nissan Motor about investing in an EV unit, which it plans to phase out from its other operations.
Renault’s move to launch mass-market electric vehicles in India also underscores the changing perception of the automotive market in India, which experienced the fastest growth rate of any major market in 2018. 2022. While electric vehicles are on track to account for less than 1% of auto sales last year, the government has set a target of 30% by 2030 and has recently succeeded in attracting suppliers to manufacturers. international car exporter, with a wide range of subsidies.
Also read: Renault plans to launch Kwid EV in India: Report
The report says the automaker may launch an electric India-made version of Renault’s Kwid hatchback. The automaker produced a version of the Kwid EV in China and sold in that market as the City K-ZE.
Renault will conduct an assessment to assess potential demand, pricing and the ability to build EVs with local parts. However, the launch will only happen at the end of 2024 or later.
Renault’s move also makes sense as India prepares to become the world’s third-largest market for passenger cars and other light vehicles, displacing Japan, according to forecasts by S&P Global Mobility. The country’s industry-wide sales are estimated to grow 23% to 4.4 million vehicles in 2022. “India will play an important role in future Renault-Nissan projects but local plans The alliance will not be finalized before a global agreement on the restructuring of the alliance is reached,” one of the sources told Reuters.
First published date: January 8, 2023, 10:50 am IST
