Renault CEO: Electric Vehicle Investment Will Top EUR4 Billion
September 06 2011 - 7:45AM
Dow Jones News
French auto maker Renault SA (RNO.FR) has already invested EUR4
billion in electric vehicle technology and more is to come in the
years ahead, Chief Executive Carlos Ghosn said Tuesday.
Renault and its Japanese alliance partner Nissan Motor Co. Ltd.
(7201.TO) have set their sights on becoming the world leader in the
nascent electric vehicle market, and the two companies have said in
the past they planned to invest EUR4 billion in the field to
develop cars, battery and powertrain technology.
"We have already invested EUR4 billion, and we will be above
that as we have development still to do," Ghosn told Dow Jones
Newswires on the sidelines of a meeting organized by the French
industry minister with local vehicle manufacturers and equipment
suppliers.
Ghosn said he is sticking to Renault-Nissan's projection that
electric vehicles will represent 10% of the global automobile
market by 2020. That figure has been considered optimistic by many
industry analysts, but Ghosn said the other forecasts of the
electric vehicle market at the end of the decade have been revised,
mostly on the upside.
Philippe Varin, chief executive of Renault rival PSA
Peugeot-Citroen (UG.FR), said his company sees full-electric
vehicles accounting for around 5% of the global market by 2020.
Hybrid electric vehicles will represent between 10% and 15%, he
said, so four-fifths of the world market will still be driven by
internal combustion powertrains by 2020.
-By David Pearson, Dow Jones Newswires; +331 4017 1740;
david.pearson@dowjones.com
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