China’s Envision Group plans to spend as much as 2 billion euros ($2.4 billion) on a battery plant in northern France to power an affordable range of Renault SA electric vehicles.
The deal is part of the European carmaker’s EV strategy that will also see it acquire a stake of slightly more than 20% in a year-old French startup called Verkor for higher-performance power packs destined for larger and premium models, according to a Renault statement.
