He also hinted that other partners were in the running, but didn’t name names: “I am open to anybody who wants to jump in. I have production capacity. I have the platform. I know how to do it.”
Last week, news hit that Volkswagen, Renault, and Stellantis were weighing possibly joining together to make cheaper electric vehicles – fearing it’s their only option. The urgency is growing as European automakers are being far outdistanced by BYD and Tesla, the latter of which sells more EVs in Europe than any other brand.
2024 has so far served up a series of obstacles impacting EV sales, and automakers have been left scrambling. Among the issues, some governments have reduced or dropped EV incentives, rental companies are scaling back on EVs, and anti-EV buzz is brewing during what will be a tense election year in the US and Europe. Even Tesla is feeling the burn at this point, with a 20% share low this year wiping out about $150 billion from its market capitalization, more than double VW’s value, Bloomberg writes.
To stay in the game, Renault is among the European automakers rushing to produce EVs that are at a similar price point to ICE vehicles – to avoid losing out to Chinese rivals that have Europe in their sites with low-cost EVs – BYD’s vehicles are arriving by the shipload.
Renault is eyeing 2026 for the launch of the full-electric minicar Twingo, with a target price below €20,000. The new electric Twingo will be based on a shortened version of the AmpR Small architecture found in the new Renault 5, which launched at the Geneva show. The Twingo will also use an LFP battery to cut costs.
Whether or not the deal happens with VW or another automaker, Renault will “forget ahead with the project with or without a partner,” the report said. “I don’t have any time to waste, so I will not postpone it,” de Meo said.
While Stellantis just launched a sub-€25,000 EV, the Citroen e-C3, with a short-range version to come at below €20,000, VW is falling behind in the race to build a cheaper BEV. Partnering with Renault could be a viable option to get a new version of the e-Up electric minicar and the Skoda Citigo and Seat Mii up and running, the report said.
