The French carmaker Renault on Wednesday became the latest to go all in on electric vehicles, saying that by 2030 all but of a fraction of the vehicles bearing its name will be powered by batteries.
During an online presentation, Renault executives outlined a future where electric cars would be cheaper than fossil-fuel models and as practical. Improvements in manufacturing and technology will cut the cost of batteries, the most costly component in an electric car, by more than half by the end of the decade, they said. Vehicles on sale as early as 2026 will be able to recharge to 80% of capacity in 12 minutes, Renault executives said.
“We want to democratize electric technology,” said Luca de Meo, who will mark his first anniversary as chief executive of Renault on Thursday.
The auto industry is increasingly divided between companies that have committed decisively to electric vehicles, like Volkswagen, General Motors and Volvo, and those that are more cautious, like BMW and Toyota. Renault joined the converts Wednesday, saying it expected that 90% of Renault brand cars would be electric by 2030.
After losing 8 billion euros, or $9.5 billion, last year, Renault has been struggling to fix its partnership with the Japanese carmaker Nissan and show that it can survive technological upheaval in the car industry.