AUTO INDUSTRY: Renault ends Indian car alliance over Logan flop

 

Renault has pulled out of a joint venture with Indian carmaker Mahindra over the poor performance of the Logan car. But the French manufacturer says it has no plans to leave the fast-growing Indian market.

Related

  • Renault chief Carlos Ghosn said Tuesday the French automaker would launch a low-cost car in the Indian market in 2012 in a tie-up with India's Bajaj Auto.The vehicle is aimed at taking on the world's cheapest car, the Tata Nano, which hit Indian streets earlier this year, as well as building Renault's presence in the fast-growing Indian auto market.Ghosn, chief executive of the Renault-Nissan alliance, announced a deal had been struck with Bajaj Auto for the car which would be designed and made by the Indian group and marketed by Renault.

  • Indian carmaker Mahindra and Mahindra said Monday it would use its purchase of South Korea's Ssangyong Motor to become a global player in the sport utility vehicle market.Pawan Goenka, president of Mahindra's automotive and farm sector, said the merger would help both companies expand in the global market."We believe that Ssangyong and Mahindra make powerful companies to create a global SUV brand," he told reporters after the Indian company signed a preliminary agreement to buy a controlling stake in Ssangyong.

  • French carmaker Renault and Germany's Daimler announced a groundbreaking partnership on Wednesday to exchange capital and share know-how in building small cars. Renault is acquiring 1.55 percent of Daimler, and Daimler 3.1 percent of Renault.

  • French carmaker Renault convened a meeting of its board of directors on Tuesday to discuss an alliance with Germany's Daimler, French Industry Minister Christian Estrosi said.

  • 2008 F1 team champion Ferrari have signed a new sponsorship with Indian carmaker Tata, extending their existing contract. Ferrari parent company FIAT already has a joint venture with Tata to produce cars in the Indian state of Maharashtra.

  • AFP - French carmaker Renault convened a meeting of its board of dire

  • Reuters - French carmaker Renault , Japanese alliance partner Nissan (7201.T) and Germany's Daimler (DAIGn.DE) will unveil partnership plans on Wednesday in Brussels, France's industry minister said.

  • The French government is pressuring Renault, the country's second-biggest carmaker, to produce the new model of Clio 4 in France, in a bid to protect jobs in the face of biting economic environment. Renault is considering producing the car in Turkey.

 
DJI: 10429.73 1.05% |S&P 500: 1102.55 1.13% |FTSE: 5428.15 1.05% |Nikk.: 9114.13 0.56% |DAX: 6134.62 0.83% |HSI: 20971.50 0.49% |
FX: EUR/GBP: 1.1987 | USD/EUR: 1.2896 | JPY/USD: 84.455 | Commodities: Gold: 1247.65 | Crude - CLH09.NYM: 0.00 |