French auto major Renault will this month launch a new version of its small car Kwid that will be powered by 1-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 Kiwd has been widely accepted in the Indian market and we are ready to enhance our offering under the model range by launching a 1-litre engine version this month," Renault India Operations Country CEO & Managing Director Sumit Sawhney told PTI.
He said the company has already sold over 75,000 units of the Kwid since its launch in September last year.
"With the launch of the 1-litre Kwid, we will be further enhancing our offering in the segment and serve customers who are looking for a more powerful vehicle in the entry level segment," Sawhney added.
Renualt Kwid will be competing with Maruti Suzuki's Alto, which also has an 800 cc (Alto 800) as well as a 1-litre engine (Alto K10) versions.
The current Kwid powered by 800 cc 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-litre Kwid, the Alto K10 is priced between Rs 3.25 lakh and Rs 4.15 lakh (ex-showroom Delhi).
The strengthening of the portfolio is part of the company's plans to increase its market share in India, he said.
"Last year we had stated that we want to garner 5 percent marker share in India. We are on course and I am hopeful that by December this year we would touch that mark," he said.
In the first seven months of the year, Renault India has sold over 75,000 cars, Sawhney said, adding that "at the current rate we will more than double sales we had last year".
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.
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