Renault expects a 20% additional growth in sales in CY24

Renualt India’s CEO and MD Venkatram Mamillapalle speaks with the media at a launch event in New Delhi, India, January 9, 2024. REUTERS/Sahiba Chawdhary
| Photo Credit: SAHIBA CHAWDHARY

Renault is planning to grow its India business by an additional 20% in 2024 to compensate for the slow growth it saw in the country in the earlier year, the French automaker said on Monday.

“This calendar year versus last year we are looking at an additional growth of 20%,” Venkatram Mamillapalle, Country CEO & Managing Director, Renault India, told The Hindu. “Renault last year saw low volumes and the reason could be that we haven’t refreshed the products. But this year we have added a lot of value and safety features to our Kiger, Triber, and Kwid models and want to reach them to customers without extra cost,’‘ he added.

The new 2024 Kwid range, including Kwid Climber available in three new dual-tone exterior body colours, comes with 14 safety features as standard; the new 2024 Triber range offers better comfort and additional features such as a driver seat armrest and powerfold outside rear-view mirrors (ORVM) while the new 2024 Kiger range offers a premium experience, as per him.

Commenting on the market outlook Mr. Mamillapalle said, SUVs were on a growth mode while sales of small segment cars was drastically declining. “Reasons could be multiple why small car sales are on a decline. People’s buying power has increased and used upper segment cars are playing a role in the entry segment instead of small cars,” he commented.

He further said, there was significant traction for SUVs in general and C and A segment in particular while new entrants, the EVs have already made a foothold in the country and their size was expected to grow in the next three to four years.

It may be recalled that a Renault-Nissan alliance announced a new investment of ₹5,300 crore in February last year to expand Renault’s product portfolio in the country by launching six new vehicles from its factory in Chennai in three years.

“We have started investing this committed money on the ground. Development has started already thanks to support from the Tamil Nadu government. We are on track with our launches,’‘ he added.

To enter used cars mart in Q1

Renault has decided to enter into the used car market by floating a new business called, Renew.

The automaker has sold over 9 lakh units of cars, comprising Duster SUV, Kwid hatchback and the Triber MPV, in the country since its entry into the country a decade ago.

“We feel it is good to promote used cars in the market and therefore we are launching Renew in the first quarter of CY2024. We have a huge car base in India, we want to take care of our customers, we will recondition their cars, issue warranties and relaunch them under used,’‘ Mr. Mamillapalle further added.