In a significant blow to Renault’s electric vehicle battery programme, the French Strategic Investment Fund has decided to withdraw its plans to invest €125million in the project.
According to reports in La Tribune, a €100million public loan will also no longer be granted.
Currently,Franceowns a 15 per cent stake in Renault which is investing €4billion, along with its alliance partner Nissan, into its electric vehicle programme. One of the key parts of the programme was the manufacture of lithium-ion batteries and the Zoe electric vehicle at Flins. However, reports suggest this was the subject of a meeting between Renault CEO Carlos Ghosn and French Minister of Industry Eric Besson last week.
One of the issues is that the battery project is one and a half years behind its original schedule with newspaper Liberation reporting that the delay is due to Renault’s dissatisfaction with the battery technology being provided by Nissan, and particularly its cost. Funding will now fall entirely to Renault.
