French auto major Renault plans to enter new verticals, including used car business in India next year, besides launching two new models, to make its presence felt in the market which it sees as “the biggest challenge”.
The company, which is targeting a market share of over 5 per cent in India, is also leveraging on its 4,500 strong R&D Centre in Chennai to come up with products which are “right for the country”.
“India is the biggest challenge for Renault in the next two years…we have high ambitions from the Indian market. It is very important for us,” Renault Chairman of AMI (Africa, Middle East and India) Region Bernard Cambier said on the sidelines of Paris Motor Show.
Renault, which currently sells five models including mid sized SUV Duster in India, had a market share tad over 2 per cent in the country last year. The Indian passenger vehicle market stood at around 2.5 million units last fiscal.
When asked about the product line up after 2016-17, Sawhney said: “For future lineup we cannot share details now but we can assure you that we will come up with products post 2016-17 also. So it’s not that we are not going to bring in new products.”
Terming the entry into small car segment as an “opportunity”, he said, the category is poised for growth with the opening up of the economy.
“Small cars is a very big opportunity today with economy opening up and you don’t have many international players in that segment and that we in Renault see as an opportunity very clearly,” he said.
All the products which will be introduced would have the capacity to create a sub-segment as Duster created one for itself, he added.