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Renault-Nissan, Bajaj to form low-cost car venture
PARIS (Reuters) - Renault-Nissan and Indian carmaker Bajaj Auto said on Monday they would form a joint venture company to develop a low-cost car model with a wholesale price range starting from $2,500.
The new joint-venture company will be 50 percent owned by Bajaj Auto, 25 percent by French group Renault and 25 percent by Japanese automaker Nissan.
The new car has been code-named ULC and it will target the growing Indian vehicle market.
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.
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(Reporting by Sudip Kar-Gupta; Editing by Rory Channing)
