Rajiv Bajaj, managing director of Bajaj and Carlos Ghosn, president/CEO of Renault and of Nissan, said the new company will be 50% owned by Bajaj Auto, 25% by Renault and 25% by Nissan.
The vehicle targets the growing Indian new-vehicle market and will be made at a greenfield plant 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.
--Karl Greenberg