Renault targets Russia with new Symbol car
August 20th, 2008 | by admin |PARIS, Aug 20 (Reuters) - Renault (RENA.PA: Quote, Profile, Research, Stock Buzz) will next weekpresent the Renault Symbol, a replacement of its ageing ClioSymbol in a bid to boost sales in what will become Europe’sbiggest market.
A spokesman said on Wednesday that the new model will beunveiled at the Moscow Motor Show on Aug. 26. The Symbol has aboot unlike the hatchback main version of the Clio compact car.
Renault said it is targeting Central and Eastern Europeanmarkets, Russia, Turkey and the Maghreb countries with thevehicle. In particular among these, Algeria, Romania, Russia andTurkey will be important markets, a Renault spokesman said.
France’s second-largest auto group will begin selling thevehicle from the end of September in some target markets, aspokesman said.
Its predecessor was launched in 2000 and has sold over600,000 units in its life. The spokesman declined to give asales target for the new model, but noted that the previousversion - the Clio Symbol - sold 100,974 units in 2007.
The new Renault Symbol will be assembled at the group’sBursa facility in Turkey, which has been expanded to allow forproduction of 360,000 vehicles overall per year.
Last year, 263,000 vehicles were produced there. Russia is currently the group’s 8th-largest market by carand LCV sales, including its Dacia and Renault Samsung Motorsbrands. Last year it recorded 101,166 vehicle sales and a 3.9percent market share in the fast-growing market.
At the start of the year Renault CEO Carlos Ghosn forecastgrowth in Russia above 10 percent for the group in 2008.
Main competitors for the new vehicle will include the SkodaFabia, the Chevrolet Aveo, the Honda City and the HyundaiAccent, the spokesman said..Renault last year bought a 25 percent stake in Russia’slargest domestic car maker, AvtoVAZ (AVAZ.MM: Quote, Profile, Research, Stock Buzz).(Reporting by Helen Massy-Beresford; editing by ElaineHardcastle)
