Exciting Renault News Teases Mass-Market Indian EVs
Exciting news South African EV enthusiasts! According to recent reports, Renault is considering building a mass-market electric vehicle in India as part of a renewed push into a market where EV adoption is expected to grow quickly from a small base.
This study by Renault shows the French automaker’s commitment to electrification plans, even as it continues to negotiate with its partner Nissan Motor about investing in an EV unit that it plans to carve out from its other operations. Even though this tech won’t be making its way to our sunny shores first, it does show that emerging markets are a strong focus for the Renault–Nissan–Mitsubishi Alliance.
The proposed move by Renault also highlights the shifting perception of the auto market in India, which posted the fastest growth of any major market in 2022. While EVs were on track to be less than 1% of car sales last year, the government has set a target of 30% by 2030 and has had recent success in attracting suppliers for international automakers, with a range of subsidies.
The review will assess potential demand, pricing, and the ability to build the EV with local components, with any launch expected to take place in late 2024. Renault is studying launching a made-in-India electric version of its Kwid hatchback, which is already produced in India.
This move is part of a broader plan by Renault to rekindle sales in a country where the carmaker remains profitable despite selling fewer cars in 2022 than a year earlier. As a reminder, India is set to become the world’s third-largest market for passenger and other light vehicles, displacing Japan, according to a forecast by S&P Global Mobility. Industry-wide sales grew an estimated 23% to 4.4 million vehicles in 2022.
Renault India has not commented on product plans but has confirmed the company has a strong focus on electrification globally as part of the strategy outlined by CEO Luca de Meo, and that India is one of the key markets for the group.
This news puts Renault in line with other automakers, such as Tata Motors, Stellantis, Hyundai Motor, and SAIC’s MG Motor, which are also lining up EV launches in India.
This is just the tip of the iceberg where exciting global Renault news is concerned. Keep an eye on the blog to learn more about the latest developments as it lands. In the meantime, feel free to get in touch with a Group1 Renault branch near you to learn more about current offerings on South African showroom floors or to book a test drive (we’ll bring the car to you!).
