Renault aims to increase share of electric vehicles Reuters

Giles Guillaume

Paris (Reuters)- Renault (PA:) said on Wednesday that by 2030, electric vehicles will account for 90% of the French automaker’s models, thereby expanding its ambitions in Volkswagen’s (DE:) fast-growing areas where competitors are preempted.

In announcing the new plan for electric vehicles (EV), Renault CEO Luca de Meo said that Renault plans to launch 10 new electric vehicles by 2025, and the new dedicated electric vehicle platform will enable it Deliver cars at a lower cost.

The previous goal was that by 2030, 90% of the Renault brand portfolio consisted of fully electric and hybrid vehicles. In the new plan, Renault’s goal is to achieve the goal without relying on hybrid vehicles.

“Today is a historic acceleration of the Renault Group’s electric vehicle strategy,” De Mayo said in a statement.

Renault’s Zoe model is the largest-selling battery electric vehicle in the European market segment for many years, but it is losing to Volkswagen’s ID.3 compact electric vehicle and other models.

Data from the database EV-Volumes.com shows that Volkswagen’s share of the European electric vehicle market has soared from 14% in 2019 to 25% last year, surpassing Renault, Nissan (OTC:), and Mitsubishi Alliance, with its share rising from 23%. In 2019.

De Mayo was a former senior executive of Volkswagen, who helped the German automaker’s SEAT brand transform. His task is to help Renault turn a new page after getting into trouble.

Former boss Carlos Ghosn was deported and arrested in Japan on financial fraud charges in 2018, and he denied the allegations. Ghosn left behind a huge model series with low profit margins, and Renault suffered heavy losses when global demand for cars fell.

De Meo’s turnaround plan-which he calls “Reenaulution”-is to lay off thousands of employees, reduce the range of models, and improve cooperation between alliance partners in car production.

Renault said this month that it will merge its three plants in northern France into a new legal entity, Renault Electric City, which will produce 400,000 cars per year by 2025.

The company has previously stated that it will use specially designed electric platforms, called CMF B-EV and CMF A, to produce small and affordable electric vehicles.