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French auto makers Renault have announced their intentions of investing EUR 420 million or $534 million to set up their assembly plant at Douai in northern France to aid production of their new flagship.
Mr. Carlos Tavares, Chief Operating Officer at Renault said that this would be a step the company would be taking so as to regain their market share as forerunners in the luxury and upper class in the automobile markets. Besides this Renault is also planning further investments of EUR 230 million relocate their production units in Barcelona, Spain to Sandouville in France.
By end of this year, Renault is also expected to sign an agreement with China so as to increase industrial investment with DongFeng Motors, Chinese partners for Renault, according to statements given by Mr. Carlos Ghosn. During the past year, Renault reached a sales target of 2.72 million units. With plans to modernize their Douai site, Renault is getting ready to build next generation Espace minivan and Laguna midsized sedan on the newly renovated premises.
