Renault Enters EV Game With The New R5 E-Tech

(RTTNews) - Renault (RNSDY.PK, RNSDF.PK, RNT.L) Chief Luca de Meo unveiled the company's first electric vehicle at the Geneva Motor Show to catch up with overseas rivals.

The all-new Renault 5 E-Tech looks similar to the company's original Renault 5 which was in the market during the 1970-80 period. However, despite the retro look, the car is a thoroughly modern electric model equipped with a battery of 52.0-kWh unit, providing an estimated range of 249 miles on a single charge.

R5 has DC fast-charging capability of up to 100 kW, and the 11-kW AC unit, which will cut down the cost by allowing bidirectional AC charging to feed the electricity back into the grid.

Meo said that the R5 is currently priced at 25,000 euros, which is equivalent to $27,100, lower than the likes of Tesla and BYD.

The chief noted that profit would be negligible given the low price of R5. However, he added, "The battery is 40 percent of the cost. If you cut it by half… I think you can do it."

The new R5 is "at the heart of the battle to reinvent the European industry against competition coming from the east and the west," de Meo said in a statement, as the European automakers are lagging in the EV game.

The CEO also stated that he looks forward to taking assistance from Chinese companies regarding automotive parts. "Many Chinese battery companies are building gigafactories in Europe. This is the form of cooperation we need to find…you compete on one side, you co-operate on the other", he added.