According to Reuters, the French automaker is studying the launch of a made-in-India electric version of its Kwid hatchback. The review will assess potential demand, pricing, and the ability to build the EV with local components. Any launch would be scheduled for late 2024.
India Set to Become Third-Largest Market for Light Vehicles
India is set to become the world's third-largest market for passenger and other light vehicles, according to a forecast by S&P Global Mobility. Industry-wide sales in the country grew an estimated 23% to 4.4 million vehicles in 2022. In contrast, the market in the US is expected to remain below 2019 levels in the coming year, while demand in China is weakening.
Renault's EV plans in India are part of a broader plan to rekindle sales in the country, where the carmaker remains profitable despite selling fewer cars in 2022 than in the previous year.