French automaker Renault raises targets for share of electric vehicles

Renault said on Wednesday that electric vehicles would account for up to 90% of the French carmaker’s models by 2030, amping up its ambitions in a fast-growing sector where Volkswagen has stolen a march on its rivals.

Unveiling a new plan for electric vehicles (EVs), Renault Chief Executive Luca de Meo said Renault planned 10 new electric models by 2025 and that new, purpose-built electric car platforms would allow it to deliver vehicles at a lower cost.

The previous target was for 90% of the Renault brand mix to be made up of all-electric and hybrid vehicles by 2030. In the new plan, Renault aims to hit its target without relying on hybrid vehicles.

“Today is an historic acceleration of Renault Group’s EV strategy,” de Meo said in a statement.