Renault Looks To Choose Twingo EV Partner By Early 2024: Report

French automaker Renault SA RNSDF RNLSY is reportedly seeking a partnership to develop its new Twingo electric vehicle and aims to finalize its partner choice potentially by early next year.

Renault has confirmed ongoing discussions with several automakers regarding a potential partnership, although specifics on the names and timings remain undisclosed, reported Reuters.

The French carmaker is in discussions with Germany's Volkswagen AG VWAGY on partnering on the new Twingo EV, the report further noted.

Renault unveiled the new Twingo EV, named 'Legend,' last month, priced under €20,000 ($21,500). According to the report, Thierry Pieton, Renault's finance chief, emphasized the company's goal of democratizing the EV market with this launch.

Related: Volkswagen Explores Affordable EV Market, Reportedly Discusses Potential €20,000 Electric Car With Renault

Citing JATO Dynamics, a research firm specializing in autos, Reuters reported the average retail price of an electric vehicle in Europe exceeded €65,000 in the first half of 2023, compared to about €31,000 in China.

Price Action: RNLSY shares are trading lower by 0.45% at $8.11 on the last check Monday.

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