Economy, Auto

Brazil to Produce 2 Renault Models

Brazil to Produce 2 Renault ModelsBrazil to Produce 2 Renault Models

French carmaker Renault will produce the sport utility Captur and the compact Kwid at its plant in the southern Brazilian city of Curitiba, CEO and chairman of the Renault-Nissan Alliance said on Tuesday. Carlos Ghosn told reporters in Curitiba that Renault sees the Brazilian auto market stabilizing after steep sales reductions amid the country’s worst recession in decades.  The two new models should reach Brazil’s dealers in 2017 and help the French company increase its market share that is currently at 6.7%, Reuters reported. Ghosn said it is targeting an 8% share and believes there is potential to raise it to 10% in the coming years. “Right now, we see Brazil’s auto market recovery with great hope. I don’t think anybody believes the Brazilian market will stay at around 2 million vehicles (of annual sales),” said Brazilian-born Ghosn. Renault’s market share in Brazil grew strongly from below 4% in 2009, as the company added capacity and launched popular new models such as the Duster, a compact SUV going head-to-head with Ford Motor’s EcoSport.