Renault Could Offer $8,000 EV in China Within Two Years

Renault and Nissan CEO Carlos Ghosn has hinted that Renault could be launching a cheap EV in China within the next two years.

Ghosn first told attendees at the New York Times Energy for Tomorrow conference in Paris that the company was aiming for a car that would cost $8,000 or less after Chinese incentives.

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“If we are able to make this kind of breakthrough, it’s going to change the game,” he said.

That was on Nov. 3. On Tuesday, Ghosn revealed the timeline.

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“I think our objective is to be on the market within in a couple of years,” Ghosn told CNBC at the Web Summit technology conference in Lisbon.

“We are at a price point where the sales are just not taking off,” Ghosn said regarding the company’s Nissan Leaf, which retails for around $30,000 to start, making it too expensive for China, in the company’s view. “So what we decided is go after the market … we are developing a very cheap electric car. Cheap means involving a price point where these cars are selling in China which is about $8,000.”

Government subsidies have helped Chinese sales of alternative-energy cars increase 162 percent year over year. Those subsidies are shrinking, however.

“What we are seeing that in China what is really selling are the very low-cost electric cars. This is where the market is moving,” Ghosn said.

CNBC, Reuters