Renault Strives To Decrease EV Battery Costs 60% This Decade: Bloomberg

Renault SA 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 STLA, and TotalEnergies SE 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 NSANY and Mitsubishi Motors Corp 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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