Nissan, Renault to develop, sell new models in India

Nissan Motor and Renault say they are going to make a 600-million-dollar joint investment in India to produce new car models.

The Japanese and French partners will use the money on research and development and production.

They say the project will be the first to come out of their new, more equal partnership agreed last week. The arrangement calls for enhanced collaboration in India, Latin America and Europe.

Nissan and Renault say their Indian investment will take place in Chennai at a factory run by a joint venture and an R&D firm.

The six new models will be sold in India and exported to neighboring countries. Two will be the first EVs in the Indian market for the companies.

The South Asian country surpassed Japan last year to become the world's third-largest automobile market. The Indian government aims to have electric vehicles account for 30 percent of all new auto sales in the country by 2030.

Nissan and Renault hope to increase their presence with the EV models, as competition intensifies in the fast-growing market.