Renault investing one billion euros in EVs

Groupe Renault is pouring more than one billion euros into the development and production of electric vehicles in France.

The investment is aimed at accelerating the deployment of its Drive The Future strategic plan and strengthening the leadership of its French industrial base in the growing EV market.

Four sites will benefit.

Groupe Renault plans to introduce a new Alliance electric platform in Douai to create a second Renault EV production site.

It also intends doubling Zoe production capacity and will launch a new Zoe at Flins.

Electric motor production capacities at Cleon will be tripled, and a new generation electric motor introduced from 2021.

The company will also invest in Maubeuge for the production of the next generation of the Kangoo family, including the electric utility vehicle Kangoo Z.E.

“The acceleration of our investments in France for electric vehicles will increase the competitiveness and attractiveness of our French industrial sites,” Renault chairman and chief executive officer Carlos Ghosn says.

Renault posted 38% growth in EV sales in Europe, with a 44% increase in Zoe registrations and a 23.8% market share in 2017.

Renault previously announced that it plans to recruit 5000 employees on permanent contracts in France between 2017 and 2019 and to spend 235 million euros on training over the same period.

Its strategic plan includes turnover of more than 70 billion euros, a group operating margin of more than 7%, positive cash flow each year, 18 billion euros of investment in research and development, more than five million vehicles sold – doubling sales outside Europe, and producing eight electric models and 12 electrified models.