Monday, January 18, 2010
Renault-Nissan Announce $2,500 ULC Budget Car, To Be Built in India
The first company to challenge India’s Ratan Tata and his $2,500 Nano minicar will be the Renault – Nissan Alliance that announced today the formation of a joint-venture company with Indian carmaker “Bajaj Auto” to develop, produce and market a new budget-mobile with prices starting from 2500 USD or 1.620 EUR with the current exchange rates.
According to a common press release by the involved parties, the new joint-venture company will be 50% owned by Bajaj Auto, 25% by Renault and 25% by Nissan. The $2,500 car, code-named ULC, will be produced at an all-new plant to be constructed in Chakan (Maharashtra state) in India. Initial planned capacity will be 400,000 units per year with sales set to start in early 2011 in India, as a primary market, with growth potential in other emerging markets around the world.