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Renault-Nissan, Bajaj to form low-cost car venture
Nissan Motor Co and Renault SA Chief Executive Carlos Ghosn speaks to Nissan's new recruits during its company orientation in Tokyo in this April 1, 2008 file photo.
Credit: Reuters/Yuriko Nakao
PARIS |
PARIS (Reuters) - Renault-Nissan and Indian carmaker Bajaj Auto said on Monday they would form a joint venture company to develop a low-cost car model with a wholesale price range starting from $2,500.
The new joint-venture company will be 50 percent owned by Bajaj Auto, 25 percent by French group Renault and 25 percent by Japanese automaker Nissan.
The new car has been code-named ULC and it will target the growing Indian vehicle market.
Initial planned capacity will be 400,000 units per year. Sales will start in early 2011 in India, as a primary market, with growth potential in other emerging markets around the world.
(Reporting by Sudip Kar-Gupta; Editing by Rory Channing)
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