Renault on right track with new Megane E-Tech electric model, says CEO

  • Renault Megane E-Tech model, which is being widely advertised in French media, also became the country's best-selling electric vehicle in July.
The all-new Renault Megane E-Tech Electric SUV. (Twitter/Renault group)
The all-new Renault Megane E-Tech Electric SUV.

Renault's latest electric model Megane E-Tech SUV has been doing well for the brand and the company's CEO Luca de Meo said that the French carmaker is on the right track with its turnaround at a time of increased challenges for the automotive industry. The automaker sold 25,000 Megane E-Tech vehicles in three months even though new car registrations have fallen this year in France.

The Megane E-Tech model, which is being widely advertised in French media, also became the country's best-selling electric vehicle in July, as per data by Avere-France. “The democratization of the electric car will take place in Europe and involves products at affordable prices," de Meo said in an interview. Still, costs are rising for materials needed for EV batteries and that means the “equation is hard," he said.

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Renault is working on its turn around plan and is counting on a series of new EV models to take on bigger rivals such as Volkswagen AG and Stellantis as several European carmakers battle a shortage in semiconductors and rising inflation that could impact consumers' ability to spend money on costlier electric vehicles.

Also Read : Renault to carry on with separating electric and combustion engine businesses

On July 29, Renault raised its outlook for 2022 after posting a net loss in the first half of the year. "Our first half performance and hiked full-year guidance should quieten those who said Renault couldn’t survive," de Meo told the publication.

The company is working on “restructuring and strong execution are paying off," Bernstein & Co. analyst Daniel Roeska wrote in an August 4 note to clients. Still, “tides may turn in 2023" as the carmaker faces multiple headwinds, he said.

In a separate development, the automaker is also carrying on with its plan to carve out electric and combustion-engine businesses, even without its Japanese auto-making partner Nissan. The plan of splitting up of the struggling automaker's operations is gaining traction after it held talks with French unions and had discussions with top management of its alliance partners - Nissan and Mitsubishi Motors Corp.

First Published Date: 07 Aug 2022, 18:04 PM IST
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