Chennai: Renault S.A. unveiled on Wednesday an affordable small car in India as it seeks to expand its foothold in this growing automobile market.
Named Kwid, the car would have a 0.8 liter gasoline engine and go on sale during the festival season that starts around September, Carlos Ghosn, Renault’s chief executive, said after its unveiling. It would be priced between 300,000 rupees ($4,710) and 400,000 rupees ($6,280).
“The Kwid will be a big contributor to Renault’s growth in India followed by emerging markets and other parts of the world,” Mr. Ghosn said. The company is aiming to increase its market share in India to 5% from the current 1.5%, he added, without elaborating by when it hopes to do so.
The success of the small car is key to Renault’s future in India and a showcase of its ability to compete against market-leaders Maruti Suzuki and Hyundai Motor Co., which together control more than 60% of the Indian car market.
Renault has invested 30 billion rupees in the platform that was used to develop the Kwid.