Zee Media Bureau
New Delhi: French auto major Renault will on Monday (August 22) launch a new version of its small car Kwid that will be powered by 1.0-litre petrol engine, enhancing the offering of the "widely accepted" model in India.
The company, which currently sells the Kwid with an 800cc engine, is looking to garner 5 percent share in the Indian car market by the end of this year.
The company has already sold over 75,000 units of the Kwid since its launch in September last year.
Renualt Kwid will be competing with Maruti Suzuki's Alto, which also has an 800 cc (Alto 800) as well as a 1.0-litre engine (Alto K10) versions.
Watch below the live streaming of Renault Kwid 1.0-litre India launch event:
The current Kwid powered by 800cc engine is priced between Rs 2.62 lakh and Rs 3.67 lakh (ex-showroom Delhi), while the Alto 800 is tagged between Rs 2.45 lakh and Rs 3.76 lakh (ex-showroom Delhi).
While Renault is yet to announce the price of the 1.0-litre Kwid, the Alto K10 is priced between Rs 3.25 lakh and Rs 4.15 lakh (ex-showroom Delhi).
According to Society of Indian Automobile Manufacturers (SIAM), domestic car sales stood at 20,25,479 units in 2015-16 as compared with 18,77,706 units in the 2014-15.