French carmaker Peugeot has confirmed the news of its re-entry into the Indian market and said that the company is currently looking for the right partner in the country. Peugeot is reportedly looking to make its comeback to the sub-continent market by 2020.
Peugeot chief executive Carlos Tavares, while speaking to Autocar India on the sidelines of Paris Motor Show, confirmed the news of re-entry adding that it is now just a matter of getting the right partner.
The re-entry of Peugeot has been rumoured for quite a long time now and it was even reported earlier that the company has already acquired land for a manufacturing plant in Gujarat. Peugeot also opened a corporate office in Mumbai in 2011, consolidating the belief that the re-entry is on the cards. In 2012, Peugeot also showcased a range of its models including 3008 hybrid, RCZ, 3008 crossover and 908 LeMans at the Auto Expo.
However, the plan was later dropped citing financial instability as one of the reasons. Previous reports had also said that in its comeback talks, Peugeot is also considering Tata Motors to produce and distribute Peugeot cars from its Sanand facility in Gujarat.
The French carmaker, which entered into the market in 1990s with its 309 sedan in partnership with Premier Automobiles, later withdrew from the market due to the labour issues and financial crunch. Though the company made several attempts even after that to make a comeback, it has not been successful for two decades now.