French carmaker Renault is looking to achieve five per cent share of the Indian passenger car market in the next three to four years, a company official said on Friday.
“We want to achieve five per cent market share in the medium term i.e. in next three to four years. Now our market share is close to four per cent,” company’s Country CEO and Managing Director Sumit Sawhney said here on the sidelines of the unveiling of the new premium SUV Captur.
Last year, the carmaker was the seventh largest player in the passenger car industry in India and is maintaining the same position this year, he said, adding that it is developing its portfolio in India.
Currently, it is selling three cars — Kwid, Duster and Lodgy — in India.
The price of the newly-unveiled car would be announced some time this month and deliveries would start from next month onward, he said.
The carmaker has the intention to have “localisation” in manufacturing the new premium SUV “close to 80 per cent”.
Industry-wise, the SUV segment grew by 46 per cent this year in India, he said.
He said, as a strategy, the carmaker planned to launch one car every year and future launches would be made in the “less than four metre” segment and higher than “four metre segment”.
“In India, almost 70 per cent of the cars sold in India are less than four metres. So, one has to launch cars in this segment….”
“What we will try to bring would be products more than and less than four metres but these products should have innovation. They should have a potential to either create a new segment or redefine a segment,” Sawhney said.
He said the carmaker has the capability to manufacture electric cars and wants to understand the policy for them.