AirAsia owner joins with Renault to launch sports car
Tony Fernandes, owner of AirAsia and chairman of Malaysia-based Tune Group and Formula One racing team Caterham, has signed on to a 50:50 investment deal with French carmaker Renault to relaunch the Alpine sports car, which first appeared in 1983.
The new line of Renault Alpine models will be manufactured in Dieppe, Normandy, under a new joint venture called Societe des Automobiles Alpine Caterham. The models, renamed Caterham, will hit the market in 2015.
This move into automobile production is part of Tune Group’s aim to diversify its business holdings, which covers hotels, insurance and low-budget airline at present. Fernandes aims to implement the AirAsia pricing strategy to manage the sports-car firm.
Fernandes said the latest project did not require a huge investment, as the factory was already in place and it was using the know-how of Renault. Both Caterham and Renault will handle the design and marketing of the new car. Initially, the company will focus on the Asian market thanks to its rising purchasing power.
“The per-head GDP in Asia is growing, and our price for the sports car will not be as high as other well-known brands like Porsche and Ferrari.
“I have clear objectives, and my idea is to focus on the right place at the right price and at the right time,” Fernandes said.
