Speaking at a press conference at the Geneva car show, Luca de Meo, president of the European Automobile Manufacturers Association (ACEA), said the auto industry's responsibility "as business leaders... is not to argue against the regulation."
The strong presence of Chinese competitors at the show, which returns this week after a four-year hiatus due to the Covid-19 pandemic, shows "they are interested in our market, in our customers," Renault CEO Luca de Meo said. Speaking to media later, after unveiling Renault's highly-anticipated new electric R5, he insisted Europe's auto industry was "up for the challenge".
Europe's auto industry is scrambling to cut costs and roll out more affordable, well-reviewed electric vehicles (EVs) to counter the arrival of cheaper Chinese models.
The small sedan, promised in 2021 as part of Renault's turnaround plan, openly copies design elements from the R5 and the brand's iconic Super 5 - vertical tail-lights, bright colours. The two models sold more than nine million cars between 1972 and 1996.
The difference between Europe's legacy automakers and more EV-focused Chinese manufacturers will be on stark display this week at the Geneva car show, which is returning after a four-year hiatus due to the pandemic. The only major companies holding media events are France's Renault, and China's SAIC and BYD - two of a number of the country's automakers that have set their sights on Europe.
Total registrations at Europe's two largest carmakers Volkswagen and Stellantis rose by 11.5% and 15% respectively in January, but were down 2.9% at Renault , data from the European Automobile Manufacturers Association (ACEA) showed.
The partnership aims to enhance the reach and accessibility of Renault Products in rural markets.
Dacia will launch the new version of Spring EV on February 21. The France-based automaker plans to introduce a Made in India EV by 2027. The new Spring EV is expected to come to India as the Kwid EV. Other upcoming electric cars in India include Maruti Suzuki eVX, Tata Curvv, Skoda Enyaq, Kia EV9, and Mahindra XUV e8.
Stellantis, the world's third largest automaker by vehicle sales, is the product of the 2021 combination of Peugeot and Fiat Chrysler Automobiles. Prior to the FCA merger, Peugeot acquired General Motors' European operations. Stellantis said it has cut 8.4 billion euros in costs through consolidating former Peugeot and FCA activities, beating 5 billion euro target set for 2024.
The bumper payouts helped soothe investors' concerns over the outlook for European automakers as they struggle with competition from cheaper Chinese rivals, higher costs and tepid demand as consumers face rising borrowing costs.
Renault said it would propose a dividend of 1.85 euros (USD 1.98) for 2023, up from a payout of 0.25 euro for 2022, joining U.S. automakers Ford and General Motors in giving more cash to investors. The stronger cash position and margin growth are the latest sign that the carmaker's turnaround under Chief Executive Luca de Meo is bearing fruit.
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