EIB provides Renault with ?180m for research in electric vehicles

The main intention for the loan is the development of systems that will make electric car more competitive with traditional vehicles, ultimately leading to mass adoption. Renault will look to design future generations of motors for electric car, as well as working on products and processes for lithium-ion batteries and engine technologies for powertrains.

Philippe de Fontaine Vive, vice president of the EIB, said, ‘We support leading-edge technologies since they shape the future in terms of sustainable development and competitiveness. This cooperation will enable us to prepare together the future of the motor industry in Europe, whose citizens will be the first to benefit in their day-to-day lives.’

Last September, Renault partnered with Dutch satellite navigation company TomTom to produce an in-dash system specifically for the electric vehicle market. Renault is also working with Japanese car manufacturer Nissan to jointly develop a new line of electric vehicles.