Low-cost tech gives Renault breathing space

Winning formula: An employee assembling a motor in a Renault factory in Cleon, France. The company’s sales of hybrid cars have risen 55% over the past eight months. — AFP

PARIS: Renault chief executive officer Luca de Meo’s bet on a low-cost gearbox technology is allowing the French carmaker to gain ground in Europe’s fast-growing hybrid car market, giving it some breathing space as rivals get squeezed by the electric mobility challenge.

Demand for expensive electric vehicles (EVs) is not taking off in Europe despite a European Union (EU) ban on combustion engine cars due to come into force in 2035, putting massive strain on Europe’s automotive industry.