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Renault to split-off electric vehicle business unit, could employ 10,000 staff by 2023
By Arghyadeep Dutta - May 12, 2022, 02:29 PM ET
Last Updated - Jul 18, 2023, 05:14 PM EDT
• Renault said its EV business would be based in France while conventional cars business will be located abroad
• CEO Luca de Meo said it would discuss forming a new EV company with alliance partners Nissan and Mitsubishi
French carmaker Renault on Thursday said it is studying the option of creating two business units separating its electric and conventional car production.
The automobile giant, in a statement, said it would present the progress of these studies at a Capital Market Day in the fall of 2022.
“The aim of these strategic reflections is to adapt each technology, drawing on the group’s strengths and expertise on its various markets and within the Alliance,” Renault said.
The automaker is planning for an Electric Vehicles and Software entity in France and exploring the possibility of combining its internal combustion engine and hybrid engine car business outside France within a specific entity.
Renault said it could have more than 10,000 employees for the EV business division by 2023 in France, while its workforce for conventional cars will be located abroad.
Playing catch-up with rivals like Tesla Inc (NASDAQ: TSLA) and Volkswagen, the French carmaker first outlined its strategy shift in February this year.
Renault CEO Luca de Meo on Wednesday told Nikkei that the automobile giant would discuss forming a new electric vehicle company with alliance partners Nissan Motor and Mitsubishi Motors.
Picture Credit: FT
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