French automaker Renault SA (OTC:RNSDF) (OTC:RNLSY) is reportedly seeking a partnership to develop its new Twingo electric vehicle and aims to finalize its partner choice potentially by early next year.
Renault has confirmed ongoing discussions with several automakers regarding a potential partnership, although specifics on the names and timings remain undisclosed, reported Reuters.
The French carmaker is in discussions with Germany’s Volkswagen AG (OTC:VWAGY) on partnering on the new Twingo EV, the report further noted.
Renault unveiled the new Twingo EV, named ‘Legend,’ last month, priced under €20,000 ($21,500). According to the report, Thierry Pieton, Renault’s finance chief, emphasized the company’s goal of democratizing the EV market with this launch.
Related: Volkswagen Explores Affordable EV Market, Reportedly Discusses Potential €20,000 Electric Car With Renault
Citing JATO Dynamics, a research firm specializing in autos, Reuters reported the average retail price of an electric vehicle in Europe exceeded €65,000 in the first half of 2023, compared to about €31,000 in China.
Price Action: RNLSY shares are trading lower by 0.45% at $8.11 on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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