Renault-Nissan eyes 10% share in Indian passenger vehicles mkt: Carlos Ghosn

Dscribing India as a "sophisticated country", Renault-Nissan Alliance chief Carlos Ghosn has said the auto major aims to have 10 per cent share in the Indian passenger vehicles market.

The company is also planning to launch a slew of new models from its stable.

Ghosn, who is Renault-Nissan Alliance's Chairman and CEO, said that 2013 was disappointing for the industry in India but 2014 should see slow recovery.

"We will obviously move up in terms of market share, because we are moving from a very low level. We are today practically insignificant in the Indian market. But our target is a 10 per cent market share of the Indian market," he said.

"In 2014, you are going to see a lot of new products coming from Renault & Nissan," Ghosn added.

The company's optimism about the potential of India is intact and "when you look at the level of motorisation of the country we are still below 100 cars for 1,000 inhabitant residents in India, while for countries like Brazil it is 200" Ghosn told a television channel on the sidelines of the World Economic Forum (WEF).

In 2013, annual car sales in India declined more than nine per cent as the auto industry reeled under a prolonged demand slump due to economic slowdown.

As per the Society of Indian Automobile Industry (SIAM), domestic car sales last year fell to 18,07,011 units from 19,98,703 units in the previous year.

"When you move to India, you cannot be in regret. It is a very sophisticated country. It is a very sophisticated market," he said.

Referring to the company's partnership with Mahindra and Bajaj, Ghosn said these pacts helped the company to understand India and probably be successful with its relationship with Ashok Leyland