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China’s Envision to Build Renault $2.4 Billion Battery Plant

  • French carmaker to acquire stake in battery startup Verkor
  • Deals are part of Renault’s strategy to ramp up EV production
Renault SA Showroom As Automaker Creates ElectriCity EV Hub
Photographer: Benjamin Girette/Bloomberg
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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.