• Renault SA (OTC: RNSDF) aims to cut the cost of its batteries by 60% this decade to drive the electric vehicles market, Bloomberg reports.

  • Renault also plans to lower the cost of its electric motors by 30%, make them more compact and extend their range. It plans to launch multiple EVs in the coming years, including a revival of the iconic and affordable ‘4L’ model.

  • The automaker’s plan of converting its Renault 5 into an EV will cost a third less than its compact Zoe EV.

  • EVs will account for up to 90% of Renault-branded cars by the end of this decade, CEO Luca de Meo said.

  • Earlier this week, Renault disclosed plans to secure batteries for its future vehicles produced in France. China’s Envision Group agreed to construct a $2.4 billion Renault battery factory near Renault’s auto plant in Douai.

  • Renault, which had a record loss last year, also plans to acquire a stake of slightly over 20% in a year-old French startup called Verkor for higher-performance power packs. The automaker could join Stellantis NV (NYSE: STLA), and TotalEnergies SE (NYSE: TTE) formed joint venture.

  • Renault’s push into affordable EVs is a pledge to lower battery-pack costs to less than $100 per kilowatt-hour in 2025 and below $80 per kilowatt-hour in 2030.

  • Renault also plans to boost battery recycling and collaborate with its Japanese partners Nissan Motor Co Ltd (OTC: NSANY) and Mitsubishi Motors Corp (OTC: MMTOF) on battery technology and EV platforms.

  • The Douai vehicle assembly plant is one of three sites Renault plans to combine and turn into an EV hub called ElectriCity capable of churning out 400,000 cars annually.

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