Renault gets USD228m loan for EV development

Tue Jan 17 2012, 09:35 AM

Renault has secured a EUR180m (USD227.9m) loan from the European Investment Bank (EIB) to support the development of batteries and motors for electric vehicles (EV). The French carmaker will focus on improving lithium-ion batteries and engine technologies for electric drivetrains with the aim to accelerating mass market adoption. The loan follows EUR400m awarded by the EIB in 2009 to boost the efficiency of conventional drivetrains and develop all-electric cars.

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