Renault's Strategic Move: Affordable EV Batteries to Rival Chinese Competition
Renault is set to launch more affordable batteries for its electric vehicles (EVs) and accelerate model development to stay competitive against Chinese automakers. CEO Francois Provost announced plans to reduce EV costs by 40% by 2028 and highlighted the introduction of LFP batteries across all Renault vehicles next year.
In a strategic shift aimed at competing with Chinese automakers, French car manufacturer Renault plans to introduce more affordable batteries and speed up development times across its entire lineup of electric vehicles (EVs). In a briefing at the Munich Autoshow, the company's CEO, Francois Provost, emphasized the cost-cutting and efficiency-oriented efforts.
Provost, speaking publicly for the first time since becoming CEO in July, articulated Renault's ambition to cut electric vehicle costs by nearly 40% between 2023 and 2028. The new plan includes launching LFP batteries, which avoid the use of costly cobalt, making them cheaper. Next year, Renault aims to integrate these batteries into all its existing vehicle models.
This move comes as Renault faces increasing pressure from Chinese brands penetrating the European market. To strengthen its market position, Renault also revealed its redesigned sixth-generation Clio hatchback, marking the most significant update in 13 years, spotlighted at the Munich event.
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