January 10, 2023: -Renault is also building mass-market electric cars in India, two people with knowledge of the continuing review told Reuters, as part of a people push into a market where EV adoption is anticipated to increase from a small base.
The study by Renault underscores the way the French automaker pushes ahead with electrification plans even as it extends complicated negotiations with its partner Nissan Motor regarding investing in an EV unit it is planning to carve out from its different operations.
It points to the shifting perception of the auto market in India, which posted increasing growth of significant demand in 2022. EVs were on track to below 1% of car sales in the previous year. Still, the country has set a target of 30% by 2030 and has had the latest success, which attracts suppliers for international automakers with a range of subsidies.
Renault is studying which launch a made-in-India electric version of its Kwid hatchback; the people said that Reuters.
The review assesses potential demand, which prices and the ability to build the EV with the components, stated one of the people, adding that any launch would be late in 2024.
The person articulated that the move is also a part of a broader idea by Renault to rekindle sales in that the carmaker remains profitable despite which sells fewer cars in 2022.
Still, it said the firm has a “strong focus on electrification” as part of the strategy by CEO Luca de Meo and that “India is one of the prime markets” for the firm.
India is set to become the third-largest market in the world for passenger and different light vehicles, which displaces Japan, according to a forecast by S&P Global Mobility. Industry-wide sales grew nearly 23% to 4.4 million cars in 2022.
That contrasts the view for the United States, where the market is anticipated to remain less than 2019 levels coming year, and China, where demand is weakening.
In December, Renault had hoped to reach with Nissan on the terms of a carve-out for its EV unit. Still, discussions have been slowed over concerns by the Japanese carmaker on various issues, including protecting its intellectual property.
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