Renault targets cheaper EVs to take on Tesla and Chinese brands

Renault is banking on significant cost reduction on future electric vehicles to unlock hitherto elusive EV profits and take the fight to Tesla and China’s car makers. 

That was the pitch by CEO Luca de Meo and chief financial officer Thierry Piéton to investors on Wednesday to sell them the benefits of Renault’s new Ampere electric division, which it wants to float on the stock market in the first half of 2024 – if it can achieve a solid valuation.

“Ampere is there to democratise EVs in Europe with cars that people can afford,” de Meo told investors at the event in Paris.