Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
News18 » Auto
2-min read

Renault Plans to Double Component Export Revenue from India by Next Year

By doubling its exports, Renault hopes to support its domestic suppliers through the prolonged slowdown in the automobile industry.

PTI

Updated:October 7, 2019, 12:02 PM IST
facebookTwitterskypewhatsapp
Renault Plans to Double Component Export Revenue from India by Next Year
Image for Representation. (Image: Arjit Garg/News18.com)

French carmaker Renault is planning to double revenues from automobile component exports from India to various global operations by next year, aiding its suppliers in the country to stay afloat at a time when the domestic industry is going through a prolonged slowdown. The company garnered a total revenue of around 190 million euros in 2018 from component exports from India to its various global operations. The automaker, known for its Duster and Kwid models, is now also looking at bolstering its presence in India with plans to launch three new models, including an electric vehicle, by 2022 in line with its mid-term plan to double its market share in the country by that year.

Renault India has a market share closed to 4 per cent in the domestic passenger vehicle segment. Besides, it also aims to double sales and services network in the country in order to support new products and also its existing customers. "We export a lot of parts, close to 198 million euro worth of parts are getting exported globally per annum and this is going to double by the first half of the next year," Renault India Operations Country Chief Executive Officer and Managing Director Venkatram Mamillapalle told PTI in an interview. The exports are helping in keeping the supplier community of Renault in India intact, he added.

"They (suppliers) might see a lot of decline in volumes (domestic market) but they are not impacted as exports have picked up more and thanks to the devaluation of the rupee, it means better revenues as you get paid in euros," Mamillapalle said. The company exports components such as engine parts, plastic and body parts to countries such as Russia, Brazil, Romania, Colombia, Argentina and Morocco. When asked about vehicle exports, Mamillapalle said the company is exporting about 10,000 units of Kwid to South Africa per annum. "For Triber, we are working for right-hand markets from Africa to the Asia Pacific. Currently, the engineering department is working on meeting regulations and homologations...hope they do it faster...probably beginning of next year, we will start exporting the model," Mamillapalle said.

Elaborating on plans regarding the domestic market, he said that with three new products lined up for launch by 2022, the company is getting into an "attack mode" to garner market share. Renault has already introduced upgrades of Duster and Kwid and launched an all-new model Triber recently as it eyes volumes in the country. "We are going to play in the mass market segments. We are not going to get into segments with low volumes," Mamillapalle said. He added that the company plans to have around 700 strong sales network across the country by 2022. The company currently has around 320 dealerships in India.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Chhavianshika Singh
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results