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The companies announced in 2009 that they hoped to bring a ,500 minicar to market in 2012, but there have been suggestions for months that the project was stalling amid differences among the partners.
Bajaj, India's second-largest motorcycle maker by sales, was to have designed and made the car, while Renault and Nissan would have provided the marketing and sales support.
The idea was to produce a vehicle to challenge the Indian-made Tata Nano, the world's cheapest car, but Bajaj concluded that the project was not viable and says that Renault has agreed.
"We don't intend to get into the low-margin (passenger car) business," Rajiv Bajaj, managing director of Bajaj Auto, told reporters in the western city of Pune late on Thursday, according to Dow Jones News Wires.
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"We don't want to lose all our money," said Bajaj, whose company reported a 21-percent jump in quarterly net profit to 7.11 billion rupees ($159.4 million) from a year earlier, slightly undershooting market forecasts.