Renault in Geneva focused on EV

GENEVA, Feb 26 (Reuters) – In a bid to expand their foothold in Europe’s automotive market, Renault (RENA.PA) and China-owned MG debuted their latest electrified car models at the Geneva car show on Monday, signaling a growing competition between Chinese automakers and established European counterparts. With Europe’s auto industry under pressure to reduce expenses and introduce more cost-effective yet well-received electric vehicles (EVs) to fend off the influx of competitively priced Chinese alternatives, the unveiling of these new models underscores the shifting dynamics in the sector. The notable presence of Chinese contenders at the event, marking its return after a hiatus of four years due to the COVID-19 pandemic, indicates a keen interest in European markets and consumers, remarked Renault CEO Luca de Meo in an interview with Reuters.