Renault India aims 2.5% market share by 2013

French car maker Renault today said it is aiming for a 2.5% market share of the passenger car segment in India by 2013, and a 5% market share in the long run.

"By 2013, we are eyeing a market share of 2.5%, and 5% in the long term," Renault India vice-president (sales and marketing) Len Curran said.

He was here to launch the company's executive luxury sedan 'Renault Fluence' and added that the company would launch five new models in 2011, and 2012, out of which one would be in the volume hatchback segment.

"We are also looking at the LCV market in India," he further said.

In response to a question he said, "We are not late entrants into the Indian car market. It is the right time to make an entry".

"India will evolve as the second largest manufacturing hub in Asia after South Korea for Renault," he added.

Renault India, a joint venture of the Renault-Nissan alliance, had set up a Rs 4,500-crore greenfield plant at Chennai in the country.

The company is also looking at exports to right-hand-drive markets from India.

Renault has the second-largest market share in Europe and third largest globally after Toyota and GM, Curran said.