Renault will make "massive investments" in China where it sees its market share rising as high as 6 percent after the company ramps up sales of locally-built vehicles in the world's biggest car market.
Renault has lagged rivals such as Volkswagen and PSA/Peugeot-Citroen in expanding in China, relying on strong sales of its popular small cars in Europe and other emerging markets to help it cope in a shaky global economy.
Renault sold just 34,000 cars in China last year, compared with PSA's 734,000 sales, but the company believes that will change once it starts selling vehicles next year through a joint venture with China's Dongfeng Motor.
"In China, we will have a minimum of 3 percent and very likely 6 percent of the market," Renault CEO Carlos Ghosn told reporters on Monday. "That's a lot of cars, and that means you can expect a massive investment program in China in the coming years," he added, declining to give figures.
Renault is building a Chinese factory in Wuhan with an initial production capacity of 100,000 vehicles, with the aim of ramping up output to more than 500,000 cars.
The company says it is on target to launch its first locally manufactured vehicle in China, a compact crossover, in 2016. "Construction of the facility has been completed, and the assembly lines are currently being installed," Renault said in a statement last month.
Ghosn said in October that the automaker could sell up to 800,000 vehicles a year in China including imported and locally built cars.
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