In Geneva auto show, Renault leads Europe's electric vehicle push as Chinese rivals expand

Record ID: 1768642

  • Title: In Geneva auto show, Renault leads Europe's electric vehicle push as Chinese rivals expand
  • Date: 26th February 2024
  • Summary: GENEVA, SWITZERLAND (FEBRUARY 26, 2024) (REUTERS) SOUNDBITE (English) CHIEF DESIGN OFFICER AT RENAULT, LAURENCE VAN DEN ACKER, SAYING: "So we're standing in front of the Renault R5 Electric and the inspiration is very clear. It's the original Renault 5 that was launched in 1972 and which was a pop icon. So with the new Renault 5, we're trying to capture the spirit of fun,
  • Embargoed: 11th March 2024 15:36
  • Keywords: Automobile industry Cars Geneva auto show Renault 5
  • Location: GENEVA, SWITZERLAND
  • City: GENEVA, SWITZERLAND
  • Country: Switzerland
  • Topics: Company News Markets,Europe,Economic Events
  • Reuters ID: LVA003348226022024RP1
  • Aspect Ratio: 16:9
  • Story Text:Renault and China-owned MG launched new electrified cars in Europe at the Geneva car show on Monday (February 26) as Chinese automakers seek to take more market share from legacy European rivals.
    Europe's auto industry is scrambling to cut costs and roll out more affordable, well-reviewed electric vehicles (EVs) to counter the arrival of cheaper Chinese models.
    The strong presence of Chinese competitors at the show, which returns this week after a four-year hiatus due to the COVID-19 pandemic, shows they are interested in the European market, Renault CEO Luca de Meo told Reuters.
    In response to the influx of lower-cost Chinese models, legacy automakers like Renault are rushing to develop EVs for 25,000 euros or less.
    Renault's new R5 copies design elements from the combustion engine R5 and the brand's iconic Super 5, such as vertical tail-lights and bright colours. The two models sold more than nine million cars between 1972 and 1996.
    The first version of the R5 will launch in the second half of the year with a 52 kilowatt hour (KWh) battery with a range of 400 km (249 miles) and a price tag of around 30,000 euros.
    So far, Chinese automakers have focused on larger, more upmarket models. But they are expected to come with smaller cars for 25,000 euros or less.
    Automotive News Europe editor Peter Sigal said the current trends show "a strong push by Chinese brands who can use their cost advantages against European brands that have to build in high wage countries like Germany and France."
    Renault has said the first R5 version will be followed "as quickly as possible" by a cheaper, less-powerful version of the same model - 40 KWh with 300 km of range - for 25,000 euros.
    (Production: Marta Fiorin)
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