“India is one of the fastest growing markets. It is one of the major and priority markets for the Renault brand. We are planning a pragmatic line up (in the second phase of the business transformation plan), focusing on the SUV segment and electric vehicles for the Indian market,” Venkatram Mamillapalle, chief executive and managing director of Renault India Operations, told ET.
Renault, along with alliance partner Nissan Motor of Japan, had recently announced fresh investments of $600 million in the Indian market as part of their business transformation programme. They plan to launch half a dozen models between them, starting mid-decade, as part of this. These include one electric vehicle for each brand.
Renault plans to launch its electric vehicle in the mass segment and it will be manufactured locally to control costs.
Mamillapalle said the electric vehicle market in the country is still evolving. The pace of adoption of electric vehicles will depend both on customer demand as well as on government push towards development of an ecosystem for EVs, which includes setting up an extensive network of charging stations. Automakers, on their part, will have to bring in technology and use locally sourced components so as to bring down the total cost of ownership of electric vehicles, even without grants, he said.
“Consumer awareness is increasing. Several carmakers have planned launches in the mass segment starting 2025-2026. About a fourth of our sales (both in the industry as well as at Renault India) should come from EVs by 2030, if these products are well-received,” Mamillapalle said.
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