Renault to invest over €10 billion in France in EVs, affordable cars, CEO says
PARIS: Renault Group will invest more than €10 billion ($11 billion) in France over the next five years in electric vehicles and more affordable cars, Chief Executive François Provost said on Saturday. “Over the last five years, we invested €13 billion in France to transform entirely our industrial footprint to bet on electric, and over the five coming years, if the social and political context…
Renault Group has announced plans to invest over €10 billion in France over the next five years, with a focus on electric vehicles and affordable cars, according to their Chief Executive François Provost. The company has already invested €13 billion in France over the past five years to transform its industrial footprint and embrace electric mobility.
Speaking with France Inter radio, Provost stated that if the social and political context remains favorable, Renault intends to reinvest more than €10 billion in the coming five years to continue advancing electric vehicles and making cars more affordable. In September, electric cars reached a record high of 42% of new car registrations in France, driven by the surge in fuel prices following the onset of the Iran war.
Renault and Geely have also formed a joint venture to develop hybrid and combustion engine vehicles. Provost emphasized that Renault currently produces more vehicles in French plants than before, with production reaching 500,000 cars in 2025. He expects production to increase by at least 25% in 2026, thanks to the growing popularity of electric vehicles.
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