NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Renault plans network of EV charging stations along European motorways

Published 2022-10-10, 03:06 a/m
© Reuters. FILE PHOTO: A logo on the Renault exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier
RENA
-
RNLSY
-
RENAp
-

By Gilles Guillaume

PARIS (Reuters) - Renault (EPA:RENA) plans to build a network of charging stations for electric cars along motorways across Europe, the French carmaker's e-mobility services unit said on Monday.

The first charging station will open in a few months in southern France, with 200 more planned to follow by mid-2024 in France, Belgium, Italy and Spain, Mobilize said, adding it was in advanced talks with potential partners to finance the network.

Rolling out an adequate charging infrastructure and offering motorists convenient solutions when travelling is one of the main challenges faced by producers of electric vehicles, as batteries generally offer less driving radius than fuel tanks and take much longer to recharge.

Renault, whose share price value has declined almost 70% since early 2018, is far from being a leader in the European electric vehicles market.

But the company is pushing ahead with plans to split its EV and combustion engine businesses in a bid to compete with rivals such as newcomer Tesla (NASDAQ:TSLA) and German giant Volkswagen (ETR:VOWG_p) in the race to electric driving.

The new charging stations will be installed at Renault dealerships located close to motorway exits, with dedicated spaces where drivers can rest during the average half-hour charging period.

They will be accessible around the clock and offer a lounge, playing corners for children and refreshments.

To avoid the need to install new power grid infrastructure, Mobilize said it would use a stationary storage system the size of a small container which is capable of charging up to six regular cars of any make at the same time.

"This will allow us to charge these containers very gently, without disrupting the power grid," said Nicolas Schottey, head of Mobilize Power Solutions.

© Reuters. FILE PHOTO: A logo on the Renault exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier

Tesla has been rolling out high-performance superchargers for years and has a global network of about 30,000 fast-chargers that it says can give a 200 km (125 mile) boost in 15 minutes.

Volkswagen expects its network of fast-chargers to nearly quadruple to about 45,000 by 2025, with 18,000 EV pumps in Europe, 17,000 in China and 10,000 in North America.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.