Renault to invest over €10 billion in France in EVs and affordable cars

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 allows it, we will re-invest more than €10 billion to continue pushing on electric and on ​making cars more affordable", Provost said in ​an interview on France Inter radio.

Electric cars reached a ‌record ⁠of 42% of new car registrations in France in September, with demand boosted by the spike in fuel prices since the start of ​the Iran ​war.

"The reality ⁠is that today, we produce in France, in the French plants, ​more vehicles than before. In 2025, ​we ⁠produced 500,000 cars in France. In 2026, we will produce at least 25% more thanks ⁠to ​the rise of electric vehicles," ​he said.

-Reuters