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Renault Shrugs Off China’s Economic Slowdown
Renault CEO Carlos Ghosn says he is not concerned about what he describes as a temporary slump in China's economic growth.
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Renault CEO Carlos Ghosn says he is not concerned about what he describes as a temporary slump in China's economic growth.
Ghosn tells the Paris-based Journal du Dimanche he is confident in the government's ability to act decisively to resolve the problem. "When the government decides to do something, it does it," he says. He also is optimistic that slumping markets in Brazil and Russia will revive.
Renault sold a modest 34,000 imported vehicles in China last year. The company and partner Dongfeng Motor Co. Ltd. are opening a factory in Wuhan in 2016 with initial capacity to build about 150,000 vehicles per year. Renault says capacity could be doubled if sales warrant.
Ghosn has said Renault aims to achieve annual sales in China of 800,000 units, but he hasn't revealed a timetable to do so. Previous reports say the Wuhan plant will assemble a small car, midsize car and two crossover models.
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