Renault is betting on electric vehicles and hybrids to win over buyers in the world's third-largest car market, global CEO Francois Provost said on Thursday, as the French carmaker steps up its product push to regain market share.
The company wants India to rank among the Renault brand's top three global markets by 2030, and aims to capture about 5% of market share in the country by the end of the decade, Provost told reporters at an event in India's southern auto hub of Chennai.
Renault, which does not have a presence in the U.S. and China, expects the Indian market will play a key role in developing new models and boosting sales for the French carmaker globally.
"Our ambition goes beyond 'India for India' in growth and product," Provost said, adding he sees the country as an export and tech hub, "and a strategic asset on a global scale" where it will develop products and technologies for the world.
Sales of cars in India are set to touch 6 million by 2030, up 36% from 2025, S&P Global Mobility data showed, with a rapid increase in demand for SUVs and premium vehicles - a shift Provost is betting on.
Renault entered India in 2005 and in 2012 it launched its popular Duster SUV helping the carmaker achieve a market share of 4%. But over time, Renault's share dwindled and is less than 1% currently, industry data showed.
The automaker, which is making a comeback in the South Asian country, is betting on its electrified vehicles to win over consumers, with Provost expecting EVs and hybrids to account for about half of its sales in India by 2030.
Renault currently builds most cars in India on its compact vehicle platform and it recently introduced a modular platform on which it has built the Duster SUV.
The new modular platform will allow Renault to introduce vehicles of different sizes with a high level of local content, allowing it to price them competitively for the domestic market and exports, the company's India chief Stephane Deblaise said at the same event.
It plans to have seven models in India by the end of the decade, including its existing portfolio of four vehicles plus the launch of three new cars.
India as an export hub
India is emerging as a major source of global engineering and innovation for Renault, and Provost said the company aims to generate about 2 billion euros ($2.36 billion) worth of car, parts and technology exports a year from the country by 2030.
South America is one region it will export to, Provost said.
Global automakers, including Japan's Toyota, Suzuki and South Korea's Hyundai Motor are stepping up investments in India, betting on rising domestic demand and its growing role as an automotive production and engineering hub.
Provost, a Renault insider who previously ran operations in Russia, South Korea and China, did not disclose how much the company will commit exclusively to the Indian market.
Under its broader international game plan, Renault has said it will spend 3 billion euros by 2027 launching Renault-brand models in India, Latin America, South Korea, Turkey and North Africa.
