Chennai, Jun 14 (IANS): Car maker Renault India will enter the bigger vehicle segment rolling out two models as well as an electric vehicle (EV) in a couple of years time, said a top company official.
He also said the company has reached the production milestone of 10,00,000 vehicles and the proposed new models are expected to drive the company into profitability.
"We are getting into the EV segment with aggressive positioning and also into the bigger vehicle segments. The first of the new models will come out in 2025," Venkatram Mamillapalle, Country CEO & Managing Director, Renault India Operations, told reporters here on Wednesday.
According to Mamillapalle, the company will enter the above four metre length vehicle segment.
French automobile major Renault and Japan's Nissan Motor Company have set up a car manufacturing plant near here to roll out Renault and Nissan badged vehicles.
The annual production capacity is about 4.72 lakh and it is working at 50 per cent capacity, he said.
During the calendar year Renault India sold about 84,000 units in the domestic market and shipped out about 28,000 units, Mamillapalle said.
The joint venture partners - Renault and Nissan - had announced a fresh investment of $600 million or about Rs 5,300 crore in India to roll out more models including EVs and also in the research and development (R&D).
According to Mamillapalle, Renault and Nissan will roll out two internal combustion engine (ICE) models each and one EV each as part of the fresh investment.
Currently, Renault India offers three passenger vehicle models - Kwid, Kiger and Triber for its customers in India and exports to 14 countries across SAARC, Asia Pacific, Indian Ocean Region, South Africa and East Africa region.
Mamillapalle said the three models have about 95 local content and the proposed models will have higher technology.
Queried about the commonality of parts - current and proposed models - he said there may not be many as the platforms are different.
Mamillapalle said the company is also in the process of expanding its distribution network from the current 450 plus.