Western car makers look to slash EV costs to fight Chinese 'invasion'

Western automakers are fretting about an 'invasion' of cheap Chinese electric cars in Europe, prompting France's Renault to say on Thursday it was aiming to slash production costs for its electric models by 40%.

As an example, Tesla this year cut U.S. prices of its Model Y long-range versionThat is having an impact. According to researchers Jato Dynamics, Tesla and SAIC's MG were the biggest market share winners in Europe during the first half of this year., warned on Wednesday the competition with Chinese manufacturers would be "extremely brutal".

"We need to use our own costs to make sure that we keep on making profit with affordable prices for our middle classes." "It means that we need to come up with a sourcing proposal that allows us to sell those cars like the Citroën C3 at 25,000 euros or less in a profitable manner," he said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Reuters /  🏆 2. in US

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Chinese Tech Giant Xiaomi Presents New Electric Scooter 4 Go In EuropeChinese consumer tech giant Xiaomi has launched its newest e-scooter, the 4 Go, in the European market.
Read more »

Charisma and diplomacy: Xi takes risk in making Wang Yi foreign policy czarChinese Foreign Minister Qin Gang has been removed from his post and replaced by Central Foreign Affairs Commission chief Wang Yi. After Chinese President Xi Jinping, Wang now holds China's two senior most foreign policy positions. He will represent both the Chinese nation and the Chinese Communist…
Read more »

Neo-Western Thriller Head Count Drops Teaser And Poster [EXCLUSIVE]Exclusive: Screen Rant debuts the first teaser trailer and poster for Head Count, the upcoming neo-Western thriller from the Burghart brothers.
Read more »

Western Companies in Russia Fear Further Asset Grabs by the KremlinAfter Moscow’s seizure of Danone and Carlsberg operations, exiting foreign businesses may have difficulty finding buyers.
Read more »

One of Chris Farley’s Final Films Was This Forgotten Western ComedyMatthew Perry and Eugene Levy also star in this Christopher Guest movie.
Read more »

As frustration grows, Quintillion extends timeline for restoring Western Alaska internet serviceRepairs to the broken fiberoptic cable can’t happen until sea ice opens up enough for a repair vessel to get through.
Read more »