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Renault announces the upcoming launch of an electric car priced at less than 20,000 euros

Renault is playing big.

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Renault announces the upcoming launch of an electric car priced at less than 20,000 euros

Renault is playing big. The French car manufacturer announced on Wednesday the upcoming launch of a new electric car priced at less than 20,000 euros, excluding subsidies, to democratize battery cars and face Chinese and American competition.

Intended for urban use, compact and manufactured in Europe, this new model currently called “Legend” will be offered after 2025, Renault indicated ahead of the official launch of its new electric subsidiary, Ampere.

A rental offer is planned for less than 100 euros per month, falling within the framework of “social leasing” desired by the French government. “Legend” also promises reduced consumption, at 10 kWh/100 km, and -75% CO2 emissions over its life cycle compared to the average of current thermal vehicles.

The new Renault subsidiary will offer a total of seven models by 2031: the electric Mégane, Scenic, R5 and R4, the small “Legend”, and two additional models. The selling price of mid-segment models, Mégane and Scenic, will be on par with thermal vehicles by 2027/2028 “while preserving margins”, underlined Renault.

Ampere is targeting a turnover of 10 billion euros in 2025, compared to 46 billion for the Renault group in 2022. The objective is 25 billion euros in 2031 with 7 vehicles, i.e. an annual growth rate of more than by 30% between 2023 and 2031. “What we want is to democratize electric vehicles in Europe,” underlined Renault financial director Thierry Piéton during a press conference. “We are going to reduce our costs significantly to reduce prices, while improving the margin.”

Renault, which postponed the launch of Ampere on the stock market until the first half of 2024, awaiting more favorable conditions, promises investors a light and very profitable structure. “Compared to a pure Chinese player entering the market, Ampere will benefit from the group's ecosystem,” underlined Thierry Piéton. “We have only put into Ampere what is strictly necessary.” The subsidiary brings together more than 11,000 employees, a third of whom are engineers, who design, develop and manufacture vehicles under the Renault brand in France.

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