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Automotive Industry
Renault SA is deploying artificial intelligence technology to help slash the cost of producing electric vehicles in half by 2027 as the race to make affordable mass-market cars intensifies.
The carmaker also wants to reduce vehicle development times to two years from three years, it said Thursday in a statement laying out a plan to make its manufacturing base more competitive. The measures should cut costs to make internal combustion-engine cars by 30% over the same period.
The steps are part of a major transformation at Renault, which this year reshaped its decades-long alliance with Nissan Motor Corp. The French manufacturer plans to list its EV unit Ampere next year, targeting a valuation of as much as €10 billion ($10.8 bn), with both Nissan and Mitsubishi confirming significant investments.