The European Investment Bank (EIB) has granted a Eur180 million loan to the Renault Group to contribute to R&D for a new generation of batteries and motors for electric vehicles. The loan will be used in France to develop future generations of motors for electric vehicles, so helping to develop extensive expertise in products and processes for lithium-ion batteries and engine technologies for electric powertrains.
The main objective is to make electric vehicles more competitive and ultimately speed up the development of a mass market. Lowering consumption of CO2 emissions and other harmful pollutants is also at the heart of this research programme, with a potential annual reduction of more than 150 000 tonnes of CO2 compared to vehicles fitted with conventional engines.
The loan continues the quality partnership established between the EIB and the Renault Group. In 2009, the Group received a EUR 400m loan from the EIB for its research, development and innovation (RDI) activities aimed at optimising and increasing the efficiency of conventional powertrains and developing wholly electric vehicles.