Tony Fernandes teams up with Renault to produce sports vehicle

CEO of French carmaker Renault Carlos Ghosn (C), surrounded by Malaysian chairman of British coach builder Caterham, Tony Fernandes (L) and French Minister for Industrial Recovery, Arnaud Montebourg, speaks during a press conference of French carmaker Renault group's presenting its strategy, on November 5, 2012 in Paris. Renault and Caterham are to design and produce sports vehicles in Renault's plant in Dieppe, northern France, within the joint Automobiles Alpine Renault company, the groups announced on November 5, 2012. - AFP PHOTO / FRANCOIS GUILLOT

PETALING JAYA: Tan Sri Tony Fernandes has teamed up with European car maker Renault to design, develop and build future sports vehicles including sports utility vehicle (SUV) and city cars that are affordable to the mass market. The first car will roll out from the production line in 2015.

Fernandes' Caterham Group and Renault ASA unit, Automobiles Alpine Renault company, signed a deal in Paris yesterday in which both parties would have equal 50:50 equity stake in a new joint venture known as The Socit des Automobiles Alpine, to design, develop and build future sports vehicles.