Renault will introduce lower-cost batteries and accelerate vehicle development cycles as part of efforts to make its electric vehicles more competitive against Chinese automakers, Chief Executive Francois Provost said on Monday.
Provost, speaking publicly for the first time since his appointment in July, said the French automaker has benchmarked itself against Chinese rivals and is targeting a 40% reduction in EV costs between 2023 and 2028.
“Next year, we’ll have a second, LFP, battery across all existing Renault vehicles,” Provost said at the Munich auto show, referring to lithium iron phosphate technology, which is less expensive than cobalt-based batteries. “I don’t know many non-Chinese manufacturers capable of doing this in Europe.”
Renault relies heavily on European sales but is facing growing pressure from Chinese competitors expanding into the region with lower-priced models. On Monday, the company unveiled the sixth generation of its Clio hatchback, its most extensive redesign in 13 years.
Source: Reuters