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Renault Studies Creation Of Two Business Entities

French carmaker Renault (RNSDY.PK,RNSDF.PK,RNT.L) said Thursday that it is studying the creation of two business entities that could each employ 10,000 staff by 2023. One will focus on the development, production and sales of electric vehicles; and another one will focus on the development and production of new generation E-TECH ICE and hybrid engines and transmissions.

Renault announced on February 18 that it launched a strategic review of its all-electric and combustion engine activities and technologies, as part of its "Renaulution" plan.

The company said it has strong ambitions in EV, with the objective for the Renault brand to be 100% EV for passenger cars in Europe by 2030. It is studying the creation of an Electric Vehicles and Software entity in France.

The scope of the study includes electrical and software activities and technologies across the entire value chain: engineering, manufacturing as well as the support functions linked to the activities. The entity dedicated to the electric vehicle could have more than 10,000 employees by 2023.

In addition, Renault is studying the possibility of combining its ICE and hybrid engine and transmission activities and technologies based outside France within a specific entity. The business unit would draw on the expertise of around 10,000 employees - outside France - by 2023.

Renault said that thermal hybrid and plug-in hybrid vehicles have significant long-term prospects and outlets in Europe and on international markets, and that its technologies, such as E-TECH, represent real growth levers.

Renault said it is accelerating the implementation of its "Renaulution" strategic plan and will present the progress of these studies at a Capital Market Day in the fall of 2022.

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