European automakers are concerned about an “invasion” of cheap Chinese electric cars into the region, prompting Renault to say that it was aiming to slash production costs for its electric models by 40 percent.
Renault CFO Thierry Pieton said Thursday that the best way to fend off price competition was for the automaker to cut its own development and manufacturing costs.
The targeted 40 percent reduction is from 2027 onwards for Renault Group’s next generation of EVs. Renault CEO Luca