Renault's Ampere starts development of new electric Twingo, sources say [Yahoo! Finance]
RENAULT SA UNSP/ADR (RNLSY)
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Source: Yahoo! Finance
month, two sources told Reuters, with production targeted in two years as it seeks to stave off intense competition from Chinese rivals. China's automakers, the world's top producers of electric vehicles, are making fast inroads in the European market, pressuring incumbents like Renault to cut costs and speed up the time it takes to bring a new model to market. Chinese EV makers have cut development time for new vehicles to an average of 2.5 years, around half the time automakers have traditionally needed. The "freeze concept" for Renault's new electric Twingo, where the vehicle's outline is validated and set, took place last week, said the two sources familiar with the matter. They declined to be identified because the process is confidential. Ampere, Renault's EV unit, will now start choosing suppliers, creating prototypes and scaling production, one of the sources added. Renault has been working on slashing its development time from the five-year average for legacy carm
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