Renault expects sales growth of 8% in India this year
The Dollar Business Bureau
French automobile manufacturer Renault expects that the company’s sales in India to rise by 8% in 2017, with the country becoming its eighth largest market globally driven by the successful entry-level small segment car model Kwid.
Groupe Renault, which witness a record worldwide sales of 31,82,625 units surging by 13.3% in 2016, recorded a sales growth of 145.6% in India.
“In India, Renault kept its position as best-selling European automotive brand, with sales up by 145.6%. Kwid registrations totalled 1,05,745. India rose five places to become the groups eighth-biggest market worldwide,” Renault said in a statement.
The company’s sales globally were growing for the fourth year in a row, it added.
“In the Africa/ India/Middle-East market, Renault’s registrations increased by 36.4%, providing the company a market share of 6.2% (increase of 1.7 points),” it said.
On the market outlook, the company said that at the global level, the Russian and Brazilian markets are likely to become stagnant. India shall grow by 8% and China by 5%.
“Renault should carry on to reap the advantage of renewing its product range in Europe and the robust dynamics on global markets, with Kwid model in India, Kaptur in Russia, Kadjar and Koleos in China, SUV range Alaskan plus in Latin America, and SM6 and QM6 in South Korea,” the company said.
This year, the global market is likely to increase by 1.5-2% as compared to last year. The European market is also likely to grow by 2%, with a 2% increase in France, said Renault.
“Therefore, Groupe Renault expects a stable growth in market share and sales volume in European and global markets,” it added.