Renault must join French-German battery

project

Renault will have to join a French-German project which is developing batteries in order to receive a 5 billion euro ($5.4 billion) government rescue loan said the Finance Minister Bruno Le Maire. Le Maire said that Renault needs to make a commitment to become a shareholder in electric battery alliance. It is one of the subjects that is still being negotiated.

Renault

The French state holds a 15% stake in Renault and is all set to unveil the sweeping new of its operations as well as its partnership with Nissan and Mitsubishi as the coronavirus pandemic is a huge crisis whichever one is facing today.

Some French production sites have been closed said, Le Maire.
Most of Renault’s models are already manufactured outside France in countries where the production cost is much lower.

To support the auto industry which has been hammered by the factory shutdowns and dealership closures all over the world to stop the COVID-19 outbreak.

LG Chem-lithium-ion battery project

Three days ago LG Chem announced that it is planning to bring lithium-ion battery project in India. The company was in talks with Renault, Mahindra & Mahindra and Hyundai for an Indian consortium for the project and regarding equity participation.

The LG Chem Ltd., LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. It was the 10th largest chemical company in the world by sales in 2017.

As India is still in the exploring stage for lithium-ion battery. The LG Chem executive said that there is no tangible information on the progress of the investment plan.

Mahesh Babu, CEO of Mahindra Electric said that the discussions on the project were detailed, but this has now “gone under the carpet”. “We have no idea on when this project will revive,” he said. Industry experts hope that India will get a clearer battery storage policy with better incentives, higher localisation and reduced import tariffs.

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