Renault is aiming to achieve a market share of 10% in Brazil by the end of 2018 and will look to achieve this by expanding its operations across Latin America.
Renault currently holds a market share of 7.8% in Brazil and the company foresees a growth to 8% in the first quarter of 2018 and, ultimately, 10% by the end of 2018, according to the automaker.
In 2016, Renault sold 354,000 cars in Latin America, with Brazil responsible for 43% of these sales. Ultimately, the automaker’s goal is to boost this figure to around 600,000 cars sold per year in Latin America by 2022, says Renault.
To hit this target, Renault will invest in the SUV segment, which has doubled in size in Brazil in the last two years, and currently represent 15% of the market. The company expects sales of SUVs to account for 20% of all sales by the end of the decade, according to the automaker.
“We had six months of growth in our sales, which suggest a consistent upwards movement,” said Olivier Murguet, president of Renault in Latin America.