Renault-Nissan Plans $320 Million Investment in Chennai Plant for Low-Cost Car Production: report
By IBTimes Staff Reporter | February 22, 2013 9:19 PM EST
In what seems to be a move to tap potential sales in India's low-priced car segment, Franco-Japanese automaker Renault-Nissan is reportedly looking to make an investment of $320 million in its second plant in the country.
According to Nikkei, a Japanese business daily, the second plant will be set up in Southern Chennai by the end of 2014 with an investment of 30 billion yen for the manufacturing of low-cost vehicles as well as Datsun cars.
It was also said that Nissan's upcoming manufacturing facility is likely to bring out two new models to India. The company has a production capacity of 400,000 units per year in the country, and the new venture will take it to 600,000 units, said the report.
The new models which are going to be manufactured in the Chennai facility is expected to be priced less than 500,000 yen.
Nissan declined to comment on the report, but maintained that it has plans to launch less expensive vehicles in the coming years. "We have a project to produce low-priced vehicles in our existing Renault-Nissan joint plant, but we cannot comment on the report further," said a company spokesman, AFP reported.
The company had earlier said that it was planning to restart the Datsun brand to meet the demands for cheaper cars in emerging markets.
To contact the editor, e-mail:
Most Popular Slideshows
- Kate Middleton First Official Solo Trip: Details For Malta Tour Revealed [PHOTOS]
- 2014 MTV Video Music Awards: Full List Of Winners, Miley Cyrus ‘Wrecking Ball’ Bags Video Of The Year [PHOTOS]
- Manny Pacquiao Vs. Chris Algieri World Tour Kick Off Press Conference In Macau [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
Join the Conversation
- Apple on iPhone 6 Release Date One Week After September 9 Despite Display Shortage Starting $800
- James Foley Video Had A Change Of Actor – Expert Points Out
- Canada Concerned About Russia’s Military Expansion in Arctic
- Nokia X2 vs. Nokia Lumia 530 - Specifications, Features And Price Showdown
- Trending: Ice Bucket Challenge Replaced By Rubble Bucket Challenge By People Of Gaza
- Hundreds of Men Rape Teen for Three Years
- Nexus 6 Release Date Will Intro Android 5.0 aka Lemon Meringue Pie with Killer Specs & Features