Renault to hold capital market day on Nov. 8

PARIS (Reuters) – French carmaker Renault said on Thursday it will hold its capital market day on Nov 8, when it is expected to detail its plan to create a unit dedicated to the production of electric vehicles (EV).

Playing catch-up with rivals like Tesla and Volkswagen, the French automaker first outlined its strategy shift in February, days before Russia’s invasion of Ukraine.

Renault intends to base its EV-dedicated business in France while a separate entity will bring together all of its petrol and hybrid engine and transmissions production sites in Spain, Portugal, Turkey, Romania and Latin America.

By sharing costs for diesel and gasoline engines that are set to decline as EV sales rise, Renault hopes to free up funds to reinvest in electric models.

(Reporting by Gilles Guillaume; Writing by Benoit Van Overstraeten; Editing by Richard Lough)