VW considers working with Renault on 20K-euro EV

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VW considers working with Renault on 20K-euro EV
Credit: © Reuters.

German newspaper, Handelsblatt reports Friday that Volkswagen (ETR: VOWG_p ) (VW) is in discussions with prospective collaborators, such as French carmaker Renault (EPA: RENA ), to collaborate on the creation of its €20,000 ($21,476) electric car.

According to the report, the German automaker aims to explore partnerships to develop a platform for this vehicle, with the intention of making electric cars more economically accessible to a broader audience.

Handelsblatt, citing unnamed sources, said that the talks between VW and Renault are still "at a very early stage" and the outcome is still uncertain.

Handelsblatt reports that the combined target for both partners is an annual production range of 200,000 to 250,000 vehicles.

A spokesperson for Renault said that cooperation was necessary to be competitive with small-entry electric vehicles.

"We are in different discussions but nothing has been finalised," said the spokesperson.

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