Image source: ET Auto
French carmaker Renault unveiled the first in a planned range of high-end electric vehicles (EVs) on Thursday. This vehicle might help the company outperform the rest of the market and fight off looming competition from China.
European automakers got a small relief from rising Chinese competition when the EU announced on Wednesday that it will apply tariffs of up to 38% on Chinese EV imports. However, the duties are merely expected to slow the increase in sales planned by Chinese companies, which are also developing facilities in the region.
Renault, which is best known for its mid- to low-end Renault and Dacia vehicles, aims to launch seven electric models under its Alpine sports brand to increase margins.
Vased on the Renault 5, the compact Alpine electric A290 has several features of the Formula 1 Alpine sports car. It will compete with Volkswagen’s Audi, BMW, Mercedes and Tesla, with a starting price of 38,000 euros (₹34.2 lakh), far less than that of a Porsche or Ferrari. Renault said on Thursday that the new lineup will help the company’s expansion both domestically and abroad.
Renault announced first-quarter revenue of 11.7 billion euros (₹10.5 lakh crore) and plans to increase volumes this year with new launches. By 2030, it hopes to have a double-digit operating margin, but there are challenges along the way, especially with its 7% market share of electric cars.
