Magnite is Nissan's new offering aimed at reviving the fortunes of its Indian subsidiary
The new product will compete with the likes of Maruti Suzuki’s Vitara Brezza, Hyundai’s Venue, Kia Motors’ Sonet and Tata Motors’ Nexon.
Nissan Motor Co Ltd is to launch a compact sports utility vehicle named Magnite in the current fiscal year. The new offering is aimed at reviving the fortunes of its Indian subsidiary. Compact SUV segment has been the volume driver for most carmakers in India in the last five years, as customers, especially in urban areas, have started to move away from entry level sedans and premium hatchbacks.
Over the past few years, Nissan has been trying to gain a foothold in the Indian market through products such as Kicks and Terrano, but it has not been able to see any success. The new product will compete with the likes of Maruti Suzuki’s Vitara Brezza, Hyundai’s Venue, Kia Motors’ Sonet and Tata Motors’ Nexon.
“When we decided to focus on India, we decided to launch an SUV, which is sub-four metre, which will be named Magnite. It is going to transform the way we drive and live in India. It will be one of the most transformational products in India. We do believe that with this great product and partners in India along with our team, we will bring back growth in India," said Ashwani Gupta, chief commercial officer, Nissan Motor Co.
As part of the vehicle manufacturing alliance in India, Nissan shares a manufacturing capacity in Tamil Nadu with Renault. It has an annual installed capacity of 3 lakh units.
“The Nissan Magnite is an evolutionary leap in Nissan’s global SUV DNA. With cutting-edge technology onboard, it will be a game-changer in its segment. A bold offering in the sub-four-meter category, we are confident that Nissan Magnite will redefine the B-SUV segment for the industry. The Nissan Magnite is made on the philosophy of ‘Make in India, Make for the World’ and has been designed in Japan while keeping in mind the requirements and aspirations of Indian customers." said Rakesh Srivastava, Managing Director, Nissan Motor India.
In June, the Japanese manufacturer unveiled a strategy to revive its fortunes in the Africa, Middle East and India (AMI) markets over the next four years. This will see the company launch eight new products in these markets and it will focus on affordable sedan and sport utility vehicles segment to stage a turnaround.