Renault to Invest in 8 New Models of Vehicle in Global Re-Launch
Renault will invest 3 billion euros ($3.2 billion) by 2027 to launch 8 new vehicles and expand electric vehicle (EV) sales outside Europe as part of a global re-launch for the French car brand. The French carmaker has concentrated on the most profitable segments in Europe - EVs and packed models, as a turnaround of its 2021 strategy.
But integrated with the loss of Russia, the second market of the group, following the Russian attack on Ukraine, this has caused Renault more dependent on the European market. Over the first nine months of 2023, nearly 69% of sales of Renault were in Europe, up from 63% a year earlier. In addition to this, according to the research report of Astute Analytica , the global electric vehicle bearing market is growing at a compound annual growth rate (CAGR) of 32.14% during the forecast period 2023–2031.
Also, Renault brand CEO, Fabrice Cambolive added, 'As our product renewal is bearing fruit in Europe, we are now going to make the brand more profitable and more global.' Renault said that by 2027, hybrids and Electric Vehicles (EVs) should make up a third of sales beyond Europe.
The first new vehicle of Renault for global markets is a small SUV emanating from the Dacia Sandero, named Kardian, which was disclosed on Tuesday in Brazil.
The launch of the car will be next year in Morocco and Latin America.
Renault said that five of the new models will be either larger or compact to position the brand with the most value-creating features.
The models will be based on two new platforms, the first is a modular platform that contains the Kardian and as for assembly in Latin America, Morocco, Turkey, and India.
It will also be the underneath of a hybrid 4X4 pickup truck. Renault also introduced a concept model of that vehicle in Brazil.
The second global platform of Renault is for high-end vehicles delivered in South Korea based on a partnership signed in 2022 between Geely and Renault.
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In 2024 will be the launch of the first Renault Korea Motors brand vehicle based on this platform.
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