Renault sees its electric, hybrid car sales doubling in 2021: sources

Renault sees its electric, hybrid car sales doubling in 2021: sources

News: Renault sees its electric, hybrid car sales doubling in 2021: sources.

PARIS (Reuters) – France’s Renault expects electric and hybrid car sales to more than double to 350,000 in 2021, according to two sources close to the company as automakers struggle to drive cleaner.

Amid stricter emissions regulations, automobile companies are switching to battery-powered vehicles, a market that is dominated by US specialists Tesla and German Volkswagen and whose production and investment are increasing.

Renault’s working hypothesis for 2021, bar hiccups due to a shortage of components such as semiconductor chips, is that EV sales should reach 350,000, the two sources said, knowing internal estimates.

This includes around 150,000 fully electric vehicles and around 200,000 hybrid models.

Renault declined to comment.

The figures, which only include the Group’s Renault and Dacia brands, are comparable to the Volkswagen brand’s forecast for 450,000 electric vehicle deliveries this year.

The broader Volkswagen company, which also includes brands like Seat and Audi, aims to deliver 1 million electric vehicles by 2021.

Renault developed electric cars earlier than many of its competitors, but a big push in the industry has changed the field.

UBS analysts said in a report earlier this month that Volkswagen and Tesla lead by a wide margin in this category, followed by Japan’s Toyota, and that automakers who sell fewer than 750,000 electrified cars a year would be at a disadvantage in the longer term.

Under the new CEO Luca de Meo, the loss-making Renault is trying to increase its profitability, curb the number of its models and is heavily relying on electric vehicles.

The group aims to generate 30% of Renault brand sales with fully electric cars by 2025, and another 35% with hybrid models.

Volkswagen stock rose sharply this week as it revealed forecasts for higher electric car sales this year.

The German group expects fully electric vehicles to account for more than 70% of total European vehicle sales of its core brand Volkswagen by 2030, compared to an earlier target of 35%.

Reporting by Gilles Guillaume. Letter from Sarah White. Adaptation by Sudip Kar-Gupta and Mark Potter

Original Source © Reuters

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