Renault to invest over 10 billion euros in France over the next five years

Renault Group has announced plans to invest over 10 billion euros in France over the next five years. The investment will primarily target the production of electric vehicles and the development of more economical car models.

According to CEO François Provost, the company invested 13 billion euros in France during the previous five-year period to reshape its industrial landscape and accelerate its electric transition. The new funding aims to further this strategy and make cars more accessible by introducing more cost-effective options.

The push towards electric mobility in France has seen significant growth, with electric vehicles accounting for a record 42% of new car registrations in September, influenced by rising fuel prices.

Renault expects its French factories to produce 500,000 vehicles by 2025. The company anticipates that the expanding electric vehicle market will lead to at least a 25% increase in its domestic production volume by 2026.