Biz Watch

MARTIN BUREAU/AFP

Renault CEO Louis Schweitzer

Let the Car Wars Begin
Talk about shifting gears. After a disastrous foray into the luxury auto market, on June 2 Renault will roll out its latest small model, code named the X90. Base price: just €5,000. Its target consumers are aspiring car owners in Eastern Europe, Latin America and the Middle East who can't afford even the lowest-end models.

"The appetite for automobiles around the world has not diminished," says chief executive Louis Schweitzer, who expects sales to reach 700,000 by 2010. To keep costs low, Renault is producing the X90 in Romania...

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