French carmaker Renault is eyeing annual exports worth 2 billion euros from India by 2030 as it looks to integrate India more deeply into Renault Group’s global value chain, especially through vehicle and component exports.
“Our ambition goes beyond ‘India for India’ in growth and product. We also see India as a source of competitiveness for the whole Group: a technology hub, an export hub, and a strategic asset on a global scale,” Francois Provost, CEO of Renault Group, told reporters in Chennai.
The automaker plans to ramp up its presence in India by expanding its portfolio to 7 models by the end of the decade. To achieve this, the French carmaker announced its largest product renewal cycle in India. “We will introduce new vehicles, bringing our portfolio to 7 models by 2030,” Provost said.
“India represents more than 1/3 (34%) of the TIV growth in the markets where Renault Group operates. It is one of the fastest growing automotive markets,” the Renault Group CEO explained.
“We are competing in a market of around 50 million vehicles per year, which is more than half of the global market (55%),” he added.
The Renault Group CEO said his ambition is to make India one of Renault brand’s top 3 markets worldwide.
Renault launched the new Duster in India earlier this year. “We presented the new Bridger concept: a multi-energy vehicle, with best-in-class efficiency. Our goal is to begin production in India in the second half of next year,” said Provost.
India is already a major hub of engineering and innovation for Renault Group with 6,000 engineers in vehicle engineering in Chennai.
The carmaker plans to deploy two key platforms in India: the Renault Group Entry Platform and the Renault Group Modular Platform.
The Renault Group CEO said the acquisition of full ownership of the Chennai plant reflects the company’s confidence in the Indian ecosystem. “This site will play a crucial role in our future and in the delivery of our plan,” said Provost.
In India, Renault has 15,000 employees and a strong dealer network with over 350 sales retail touchpoints.
For its global partner Nissan, Renault will produce three new models in its Chennai plant.
“I strongly believe in the competitiveness of our Indian ecosystem, in our ability to grow in the local market, and in our capacity to make India a key driver of Renault Group’s international ambition,” said Provost.
