Renault to add cheaper batteries for affordable EVs, says CEO Francois Provost

French automaker Renault will introduce more affordable batteries for EVs and speed up development times for all models to better compete with Chinese rivals, CEO Francois Provost said Monday.

Speaking to journalists for the first time since his appointment as CEO in July, Provost said the company has benchmarked itself against Chinese players, and is cutting development times and aiming to reduce the cost of electric cars by 40% between 2023 and 2028.

"Next year, we'll have a second, LFP, battery across all existing Renault vehicles," he said, referring to batteries that are cheaper than batteries containing cobalt.

"I don't know many non-Chinese manufacturers capable of doing this in Europe," added Provost during a press conference at the Munich autoshow.

Renault relies heavily on the European market for sales but is facing rising competition from Chinese automakers as they expand in the region.

Earlier it unveiled the sixth generation of its popular Clio hatchback at the show, its biggest overhaul in 13 years.