Francois Provost-led Renault Group has decided to invest more than 10 billion euro (USD 11 billion) in France over the next five years to ramp up its R&D on electric vehicles (EV) and more affordable cars.
“Over the last five years, we invested 13 billion euro in France to transform entirely our industrial footprint to bet on electric, and over the next five years, if the social and political context allows it, we will reinvest more than 10 billion euro to continue pushing on electric and on making cars more affordable,” Provost said in an interview on France Inter radio.
Electric cars reached a record of 42% of new car registrations in France in September, with demand boosted by the spike in fuel prices due to the ongoing Iran war.
“The reality is that today, we produce in France, in the French plants, more vehicles than before. In 2025, we produced 500,000 cars in France. In 2026, we will produce at least 25% more thanks to the rise of electric vehicles,” Provost remarked.
Renault Group will also invest 600 million euros (USD 683 million) through 2030 to adapt its Spanish plants in Valladolid and Palencia.
The amount has been earmarked for the production of five new car models, including EVs, and the installation of a battery assembly line in Valladolid.
Through the investment, Renault will be combining its resources with Spain’s national and regional public funding aimed at fulfilling the European country’s industrial transformation and sustainable mobility-related goals.
“The decision to strengthen investments in Spain is based on the plants’ competitiveness, among other factors, and follows the signing of a new collective bargaining agreement for 2026-2028,” Renault stated.
“The plan reflects our long-term commitment to Spain, apart from reinforcing the nation’s strategic role within the group, and helps secure the future of more than 6,000 direct jobs,” the company noted.
The French carmaker will manufacture two medium-sized electric models based on the RGEV Medium 2.0 EV native platform.