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New Delhi: Japanese automaker Nissan on Friday said it has put in an additional investment of $100 million to strengthen India as an export hub for its compact SUV Magnite.
The investment is over and above the $600 million the company has earmarked for new product development and creating additional sales infrastructure in the country as it eyes trebling domestic sales to 1 lakh units and exports to a similar number by 2026.
"This new Magnite is $100 million investment on top of the USD 600 million already announced...it means big commitment of Nissan in India," Nissan India Operations President Frank Torres told reporters here.
With this investment, the automaker is creating left-hand drive version of the Magnite, he noted.
"This is allowing, on top of the existing around 20 markets we are exporting, us to move to 65 markets. This is a clear proof that India is a global hub for Nissan for export," Torres said.
The company is looking to have five models over the next 30 months. It plans to introduce two mid-size SUVs (one five-seater and one seven-seater) and one electric SUV in the mass market segment.
"We plan to bring the electric SUV by end of 2026. We think that demand for electric cars will start to grow by that time," Torres said.
When asked about hybrid technology, he noted that the company is studying various powertrain options including hybrid and CNG for the domestic market.
Nissan Motor India MD Saurabh Vatsa said the company is looking to grow its market share in the domestic passenger vehicle market to around 1 lakh units per annum from its current volume of 32,000 units.
"In 30 months our portfolio will grow from two models to five. We expect our market share to grow to around 3 per cent from 1 per cent currently," he stated.
The company expects to enhance domestic and export volumes to 1 lakh each per annum by the end of FY26, he added.
Nissan Motor India on Friday launched the new version of Magnite with introductory prices starting from Rs 5.99 lakh (ex-showroom).