Tuesday, 24 May 2016
Last updated 2 hours ago
Nov 8 2009 | 9:20am ET
The French government will invest EUR 125 million ($186 million) in a joint venture by partners Renault SA and Nissan Motor Co. to make batteries for electric cars.
The companies expect to produce 100,000 batteries annually at the French site of Flins, with production starting by 2012. The batteries will power Renault’s planned electric vehicles, but will also be sold to other automakers. Renault says Flins will also be the manufacturing site for its zero-emissions car, the Zoe, production of which should also begin in 2012.
Carlos Ghosn, who heads both companies, believes electric cars will account for 10% of the world auto market by 2020.
The investment is worth an estimated EUR 600 million ($891 million). The French government’s contribution will be made through its strategic investment fund.