French automaker Renault Group has announced a comprehensive plan for the transformation of its industrial base, with a targeted reduction of 50% in production costs per electric vehicle and 30% for internal combustion vehicles by 2027. The initiative also aims to streamline vehicle development times, aiming to cut them from three to two years.
Central to this transformation is the company's Industrial Metaverse, a digital framework that will play a pivotal role in enhancing competitive advantages and revolutionizing vehicle production processes. Renault anticipates leveraging the Industrial Metaverse to achieve significant efficiency gains, with early indications revealing savings of €270 million in 2023, primarily attributed to the implementation of predictive maintenance on installations.
The strategic initiative aligns with Renaulution, Renault Group's overarching plan to position itself as a next-generation automotive manufacturer. Thierry Charvet, Chief Industry & Quality Officer at Renault Group, emphasized the comprehensive nature of the Re-Industry plan, describing it as a 360° transformation aimed at building on existing strengths, enhancing agility, virtue, and competitiveness of the industrial base, and delivering prompt responses to evolving customer expectations.
Renault Group, which encompasses the brands Renault, Dacia, Alpine, and Mobilize, is dedicated to providing sustainable and innovative mobility solutions. Operating in over 130 countries, the group achieved sales of 2.1 million vehicles in 2022.