French auto major Renault on Thursday forayed into the multi purpose vehicle (MPV) segment in India with the launch of 'Lodgy' at an introductory price starting at Rs 8.19 lakh (ex-showroom, Delhi).
The vehicle will compete with the likes of Toyota's Innova, Maruti's Ertiga, Honda's Mobilio and General Motors' Enjoy, which are priced in the range of Rs 5.99 lakh to Rs 15.8 lakh.
"Lodgy would fuel our next phase of growth in India. With this vehicle, we will define multi purpose vehicle segment in the country," Renault India Country CEO and MD Sumit Sawhney said.
The vehicle will come in seven variants, priced between Rs 8.19 lakh and Rs 11.79 lakh.
Besides Lodgy, the company also plans to introduce a small car this year, a move aimed at achieving 5 per cent market share in India by the end of next year, Sawhney said.
The company had a market share of just over two per cent in the country last year.
At present, Duster is Renault's volume driver and a key pillar for its growth in the country. Renault India has so far sold 1.25 lakh Dusters in the country.
The company is also looking at expanding its sales network across the country with a target of over 200 touch points by the end of this year.
"As of today, we have 157 outlets across the country. By the end of this year we aim to have 205 sales outlets and 280 touch points by the end of next year," Sawhney said.
The company is also getting into the used car business in order to fuel growth in the country.