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
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Prince William & Kate Middleton Boards London Train in Casual Disguise, Royal Couple’s Incognito Plan A Huge Hit [PHOTOS]
- Angelina Jolie & Brad Pitt’s Top Secret Wedding Tramps Jennifer Aniston’s ‘Friends’ Reunion & Pregnancy Talks [PHOTOS]
Join the Conversation
- 5.5-Inch iPhone 6 is iPhone Air on Sept 19 Release Date: 5 Things to Consider Before Buying
- Pricey iPhone 6 on Release Date Likely but with 3X Retina Resolution & Mobile Payment Service – Reports
- Nexus 6 Release Date Update: Moto X+1 Look Leaked, Nexus X or Shamu Moved to Demo Phase
- Google Nexus 8 Confirmed as HTC T1 aka Volantis/Flounder with Freshly-Leaked Specs & Features – Reports
- Europe, US Next on ISIS’ Hit List, Says Saudi King; Seized ISIS Laptop Reveals Terrifying Bio-Warfare Plans
- iPhone 6 On Release Date To Feature Qualcomm MDM9625M LTE, 1GB RAM, Mobile Payment Deal With AMEX, 1334x750 Display
- Leaker of Actresses Nude Photos Accepting PayPal Donations in Exchange For Posting Alleged Sex Video of Jennifer Lawrence, Has Naked Pictures of 100 Hollywood A-Listers