The Renault Nissan Group has announced it will establish a joint venture with Bajaj Auto Ltd of India in a bid to develop, manufacture and sell a new car with pricing starting from $2,500.
Bajaj, French Renault and Nissan Motor Co Ltd will provide 50, 25 and 25% of the joint venture’s capital, respectively. The code name of the new model car is “ULC.”
The ULC will be manufactured at the joint venture’s Chakan plant to be constructed in the Maharashtra State of India. This plant is slated for initial output capacity of 400,000 units per year.
The joint venture will start marketing the car in India from early 2011. The car may be marketed in other emerging markets in the future, Renault Nissan said.
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