Renault to invest over 1 billion Euros to accelerate EV production in France
On Thursday, French automaker Renault announced that it has earmarked an amount of more than 1 billion euros ($1.2 billion) for investment in its home country, with the objective of accelerating the production of electric vehicles (EVs).
The EV investment announced by Renault apparently marks an attempt by the automaker to keep its momentum going in terms of EV production. Renault has already emerged as a leading manufacturer of EVs in Europe, thanks to the success of its ZOE battery-powered subcompact car.
In announcing the new investment for increasing EV production capacity in France, Renault has revealed in a press release that its investment plan includes a number of initiatives.
Sharing further details about the initiatives which will be part of the new investment plan, Renault said that the maximum output at the ZOE production line in Flins, west of Paris, will be increased by two-fold with the EV’s next upgrade. Moreover, the automaker’s manufacturing facility in northern Douai will be tooled up for the purpose of producing EVs on a new architecture shared with Nissan, Renault’s affiliate in Japan.
Renault has further revealed that electric motor production capacity at the Cleon plant will be tripled; and a tooling investment will be made in Maubeuge in eastern France for the production of the company’s next Kangoo van, including its electrified version.
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During the course of Tesla Motors first-quarter 2018 earnings call, the company CEO Elon Musk teased a potential gigantic 1 GWh energy storage project which is likely to be announced soon.
British energy company BP has announced that it is investing an amount of $20 million in Israeli startup StoreDot which is known in the battery world for its ‘ultra-fast charging battery.’
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In a recent announcement, Mercedes-Benz has revealed that it is making a new investment of nearly US$600 million into its Hambach car-manufacturing factory in France.