In the year 2022, the electric vehicle segment has achieved the fastest growth as compared to other markets. The government has set a target of 30% growth by 2030, for which the government is also giving subsidy.
The company is currently assessing the demand for electric cars in India. Along with the car is assessing the cost and the ability to make an EV along with the preparation of the part. If all goes well, the company may launch its electric cars by the end of 2024.
The company is currently assessing the demand for electric cars in India. Along with the car is assessing the cost and the ability to make an EV along with the preparation of the part. If all goes well, the company may launch its electric cars by the end of 2024.
The move is part of a wider plan by Renault to restart sales in the country where the carmaker is profitable despite selling fewer cars in 2022 than a year ago.
While Renault India declined to comment on the plan, the company’s CEO Luca De Meo confirmed that the company is focusing on electric vehicles globally and India is one of the key markets for the group.
India is set to overtake Japan to become the world’s third largest market for passenger and other light vehicles, according to S&P Global Mobility. Projected sales in 2022 have increased by 23% to 4.4 million vehicles.
It will be more than the US as sales there are expected to be below the level of sales in 2019 next year. Along with this, the demand in China is also weakening. Renault was supposed to be in talks with Nissan for its EV unit in December, but the deal faltered due to several issues with the Japanese carmaker including the protection of its intellectual property.
“India will play a key role in Renault-Nissan’s future projects, but local plans will not be finalized before a global deal is reached.” In India, domestic carmaker Tata Motors, which dominates sales of electric cars, as well as foreign players like Stellaantis, Hyundai Motor and SAIC’s MG Motor are launching EVs.
Renault already makes a version of the Kwid EV in China that is sold as the City K-ZE in that market and exported to France as the Dacia Spring. The Spring, the second best-selling EV in France in 2022, has a range of 230 kilometers and a starting price of 20,800 euros ($21,869) without subsidies.
To get the exemption in India, Renault has to manufacture the car at its associate’s plant in South India which is owned by Nissan.
Nissan declined to comment
Renault currently produces the Kwid hatchback, Kiger SUV and the seven-seater Triber in India. Its sales are projected to fall 9% to about 87,000 units in 2022, and its market share will drop to just over 2%.
