Renault is pushing forward with its electrification, with chief executive officer Luca de Meo announcing at a press conference last week that the French company plans to sell only electric cars in the European continent by 2030. Renault joins Fiat, Opel, Peugeot, and Ford of Europe in the list of carmakers that have pledged to sell only electric vehicles by the turn of the decade.
These automakers have no choice but to do these pledges with the European Union set to introduce new rules that would require car brands to sell only zero-emission vehicles by 2035. The EU has been tightening the screws on automakers, with the next set of carbon dioxide emission targets coming in 2025.
The EU will then implement strict Euro 7 rules on pollutants, making it even harder for carmakers to sell automobiles with internal combustion engines. De Meo acknowledged this fact, saying that Renault has an obligation to participate in Europe's transition to a carbon-neutral place.
Renault may be going electric soon, but De Meo is not ruling out selling diesel and gasoline-powered versions of the Dacia, the company's low-priced brand, after that date. He told Automotive News Europe that Dacia's switch to electricity would just come at the last possible moment, with Renault set to employ a "value for money" strategy.
After launching the Zoe nine years ago, Renault is dipping its hands in the EV market again, with the French automaker releasing the Megane E-Tech, its second electric passenger car. Renault will then add at least four more electric models in 2025, including an electric van, Renault 5, a compact SUV that is smaller than the Megane, and a small crossover or SUV that takes inspiration from the Renault 4.
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Renault has been embroiled in financial difficulties of late, with the company bleeding money quarter after quarter. According to De Meo, things are looking up for the beleaguered company, with development costs for new electric models being slashed by 40 percent. Renault's experience in designing its electric vehicles has also helped the company reduce its development time by 25 percent.
The focus now for De Meo is for Renault to survive the first half of 2022. Shortage in chip supplies hampered Renault's deliveries the past year, and those same problems are expected to surface again in the first two quarters of this year. Despite the auto industry being a volatile and uncertain world, De Meo said that Renault is relatively confident for 2022.
To prove this point, De Meo confirmed that Renault's restructuring efforts are running ahead of schedule. At the press conference, Renault's finance chief said that the French carmaker hopes to pay back the remainder of its huge $3.44 billion loan from the state as soon as possible.
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