Following in the footsteps of Tata, Renault-Nissan Alliance and Bajaj Auto have today announced their own ultra-budget car with a starting price of just USD 2,500. The car is codenamed ULC and will be built at an all-new, yet to be constructed production plant in Chakan, India.
A new joint venture will be producing the mini car with Bajaj Auto owning 50%, Renault 25% and Nissan 25%. Initial production numbers are set at 400,000 units per year for mainly the growing Indian market and is planned to go on sale in 2011, other emerging markets will possibly follow.
The project has already left its initial feasibility reports and moved into Joint Production Development and is on target to meet its budgeted performance and cost.
Bajaj Auto and the Renault-Nissan Alliance to build the car code-named ULC with wholesale price range starting from 2500 USD
Mr. Rajiv Bajaj, Managing Director of Bajaj and Mr. Carlos Ghosn, President and CEO of Renault and President and CEO of Nissan, today announced they will form a joint-venture company to develop, produce and market the car code-named ULC with wholesale price range starting from 2500 USD. The new joint-venture company will be 50% owned by Bajaj Auto, 25% by Renault and 25% by Nissan.
Targeting the growing Indian new vehicle market, the ULC will be made at an all-new plant to be constructed in Chakan (Maharashtra state) in India. Initial planned capacity will be 400,000 units per year. Sales will start in early 2011 in India, as a primary market, with growth potential in other emerging markets around the world.
The feasibility has already extended into Joint Product Development and the project is on line to meet targeted performance & cost.
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