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(Reuters) – PARIS, June 30 (Reuters) – Renault (RENA.PA) announced on Wednesday that by 2030, electric vehicles will account for up to 90% of the French automaker’s models, ratcheting up its aspirations in a fast-growing market where Volkswagen (VOWG.DE) has gotten a jump on its competitors. Renault Chief Executive Luca de Meo unveiled a new plan for electric cars (EVs), saying the company intended 10 new electric models by 2025 and that new, purpose-built electric car platforms will allow it to offer vehicles at a cheaper cost. The original goal was for all-electric and hybrid vehicles to account for 90% of the Renault brand mix by 2030. Renault’s new strategy aims to achieve its goal without relying on hybrid vehicles. “Today marks a watershed moment in the Renault Group’s EV strategy,” stated de Meo in a statement. Renault’s Zoe model, which has been Europe’s best-selling battery electric car for years, is losing momentum to Volkswagen’s ID.3 compact electric car. According to data from EV-Volumes.com, Volkswagen’s share of the European EV market increased to 25% last year from 14% in 2019, surpassing the Renault, Nissan (7201.T), and Mitsubishi (7211.T) alliance, which saw its share drop to 19% from 23% in 2019. De Meo, a former Volkswagen executive who helped turn around the German automaker’s Seat brand, has been tasked with guiding Renault through a difficult period. Carlos Ghosn, the former CEO of Nissan, was fired and imprisoned in Japan in 2018 on charges of financial misconduct, which he denies. When worldwide demand for automobiles declined, Ghosn left behind a large model range with low margins, and Renault suffered significant losses. Thousands of people will be laid off as part of De Meo’s turnaround strategy, which he has dubbed a “Renaulution.” The company will also lower the number of models available and increase collaboration amongst alliance members on vehicle production. Renault said earlier this month that it would merge three of its operations in northern France into Renault ElectriCity, a new legal entity that will produce 400,000 vehicles annually by 2025. The company has previously stated that it will develop compact and affordable EVs using purpose-built electric platforms known as CMF B-EV and CMF A. Christian Lowe wrote the piece, and David Clarke edited it. The Thomson Reuters Trust Principles are our standards. Continue reading

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