France to Invest $186M in Renault/Nissan Electric Car Battery Venture

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.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...