Renault Nissan to invest $600 million, launch six new models
The French-Japanese Renault-Nissan alliance will invest $600 million (Rs 5,300 crore) over a five year period in India to roll out more models including EVs and also in the research and development (R&D), said a senior official.
The Renault Nissan Automotive Pvt Ltd signed a MoU with the Tamil Nadu government for investing Rs 3,300 crore in the first phase of the investment plan, a state government statement said.
Announcing the new investment, Nissan Motor Company Director and Chief Operating Officer, Ashwani Gupta, aid the alliance will invest $600 million in the new projects.
He said the new investments will create 2,000 jobs at Renault Nissan Technology & Business Centre at Mahindra World City near here.
Gupta also said the alliance’s India manufacturing joint venture Renault Nissan Automotive India Pvt Ltd having its plant near here will roll out six new models – equally badged between Renault and Nissan – including electric vehicles (EV).
The new models include four new C-segment sport utility vehicles (SUV). Two new A-segment electric vehicles will be the first EVs for both Renault and Nissan in India.
The alliance plant rolls out Renault and Nissan badged cars out of its plant near here.
Gupta also said additional investments will be made in the model Magnite including left hand drive for export markets.
The fresh investments will increase the car plant utilisation to 80 per cent.
According to the Tamil Nadu government, the 4.8 lakh units per annum Renault Nissan Automotive plant currently rolls out about 2 lakh units per year.
The company plans to increase the production by another 2 lakhs per annum that includes launching new models necessitating the fresh investments of Rs 5,300 crore over a five year period.
According to Gupta, by 2025 the entire plant will be powered by renewable power.
The car plant is also targeted to become 100 per cent carbon neutral by 2045 by reducing energy consumption by 50 per cent and 100 per cent renewable power.
Gupta also said the two partners are realigning their shareholdings globally and it will happen here too.
Source – Reuters