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Renault shares trade lower in Paris on Wednesday, auto maker announces electric vehicle battery deals with Envision and Verkor

Renault SA (RENA) said earlier this week that it had inked partnerships with China’s Envision AESC and France’s Verkor, aiming to manufacture electric vehicle batteries at the Douai facility in northern France.

The French auto maker also said it had signed a memorandum of understanding with start-up company Verkor to co-develop and produce high-performance batteries.

Meanwhile, Envision AESC’s gigafactory in Douai is expected to have a capacity of 9 gigawatt hours in 2024, while that could reach 24 gigawatt hours by the end of the decade.

Since the Envision AESC’s gigafactory is located in proximity to Renault ElectriCity production facilities at Douai, Maubeuge and Ruitz, it is expected to create 700 additional jobs in the Hauts-de-France area.

“The combination of these two partnerships with Renault ElectriCity will create nearly 4,500 direct jobs in France by 2030, while developing a robust battery manufacturing ecosystem in the heart of Europe,” Renault said in a statement.

As of 7:31 GMT on Wednesday the shares of Renault SA were retreating 0.20% (EUR 0.07) on the day to trade at EUR 35.02 on the Paris Stock Exchange.

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