Renault announced an investment of 3 billion euros by 2027 to launch eight new models and increase sales of electric vehicles outside Europe

CTOnews.com, October 25 (Xinhua)-- Renault announced on Wednesday local time that as part of its global strategy, the car company will invest 3 billion euros (CTOnews.com Note: currently about 23.25 billion yuan) to launch eight new cars by 2027 and increase sales of electric vehicles outside Europe.

As part of its strategic transformation in 2021, the French carmaker has focused on the most profitable segments in Europe-electric cars and compact models.

Renault is already heavily dependent on the European market because of the loss of Russia, the group's second-largest market. In the first nine months of 2023, nearly 69 per cent of Renault's sales came from Europe, up from 63 per cent in the same period last year.

Fabrice Cambolive, chief executive of Renault, said: as our product updates work in the European market, we now want to make the Renault brand more global and more profitable.

Renault also said that by 2027, electric cars and hybrids should account for 1/3 of sales outside Europe.