Currently reading: Renault plots separate EV business to raise funds, boost development
Firm is looking to follow Ford in creating a new sub-brand purely for electric vehicles

The Renault Group is seeking to create a new subsidiary for its electric vehicle business as it seeks to accelerate development and attract investment.

Explaining the decision, CEO Luca de Meo said: “Look it as a sports team: we have a new stadium with new players and different approaches. We have to create a new game - and I’d rather do that now than at the last minute before electric vehicles are made mandatory.

“The best way to do that is to take a few thousand people and put them in a new organisation that isn’t set on doing things the same way it has for 123 years.”

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