Renault to invest €1bn in manufacturing and researching EVs
The French vehicle manufacturer, Renault, has set aside €1bn (US$1.16bn) to focus on electric vehicles (EVs).
The firm has committed to investing the funds into EV research, design, and manufacturing at four of its facilities by 2022.
Renault has announced plans to develop another EV production site in order to create a new motor by 2021.
The company also aims to expand the capacity for its ZOE by twice as much by the deadline.
With the planned investments, Renault anticipates that it will have the capacity to produce EVs by three times as much.
“Within the framework of its Drive the Future strategic plan and with the Alliance, Renault Group is giving itself the means to maintain its leadership in the electric vehicle market and to continue to develop new sustainable mobility solutions for all,” stated Carlos Ghosn, Chairman of Renault.
France has recently implemented a ban that prevents the sale of petrol and diesel cars by 2040.
With the ban, Ghosn suggested that the firm’s investment could “increase the competitiveness and attractiveness”.
Renault recently announced it’s 38% year-on-year growth in its EV sales, as well as a 44% increase in ZOE registrations.