French carmaker Renault is planning to launch five products in the Indian market over the next three years as it looks to tap emerging demand for automobiles in the country, according to a top company executive.
The automaker, which saw subdued sales last year owing to various challenges, expects a turnaround in business this year.
The company sold around 49,000 units in the domestic market and also shipped close to 28,000 units to various international markets in 2023.
"We are definitely eyeing double-digit growth this year... we are refreshing our current product range. Also, there will be marketing actions, so that should help," Renault India Operations Country CEO & Managing Director Venkatram Mamillapalle told PTI.
On new product launches, he noted that the company will introduce five products in the next three years.
This will be in addition to the investment of 3 billion euros that Renault Brand recently announced for the four key international hubs outside Europe, which includes India.
The five product launches include entirely new models and the next generation of Kiger and Triber.
"Over the next three years, we are set to embark on an exhilarating journey with five product launches, encompassing both entirely new models and the next generation from our current product range," Mamillapalle said.
This significant stride forward is not only a testament to the company's commitment but also marks the introduction of the all-new Renault brand identity in the Indian market, he noted.
On Tuesday, Renault rolled out five new variants across its three models -- Kwid, Triber and Kiger -- as it looks to expand its customer base.
The model range is priced between Rs 4.69 lakh and Rs 10.99 lakh (ex-showroom), respectively.
"The new range comes equipped with more than ten new features, between the three models," Mamillapalle said.
Asked if the company will continue to sell Kwid in the domestic market with the entry-level car segment witnessing dip in sales, he said, "As long as regulations dont stop us, we will be there in the segment, we will continue to sell in that segment."
The company adding new features to the car is the testament that it is there to stay, Mamillapalle said.
He noted that while urban areas could start shifting towards bigger cars, EVs or hybrids, the semi-urban regions would stick with entry-level cars.
Mamillapalle said the company would also look at enhanced component exports from India.
"Many of the FTAs are in the discussion stage, if these come through, I think we can start exporting more components to France, Germany, Italy or Spain," he noted.
The automaker also unveiled a used car programme for refurbished and certified vehicles.
Renew will be a standalone brand offering certified used cars sales and purchase, to both Renault and non-Renault models, the automaker said.