Renault to Invest $1.2 Billion in French Plants to Make E-Cars
- Commitment set to smooth relations with biggest holder France
- Four French sites to be upgraded for higher e-car output
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Renault SA will invest more than 1 billion euros ($1.18 billion) to boost production of electric vehicles in France in a move that could go some way at smoothing rocky relations with the French government, its biggest shareholder.
Renault will equip four French sites with new electric car production capacity to increase output and update its models, it said Thursday in an emailed statement. Earlier Thursday, the French government confirmed it would vote against Chief Executive Officer Carlos Ghosn’s compensation last year, after extracting a commitment to cut his pay by about 20 percent for this year. The company’s annual meeting will take place in Paris Friday.