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RENAULT BANKS ON NEW MODELS, MEGANE PRICE CUT TO FIGHT OFF TESLA IN FRANCE



Renault (RENA.PA) is banking on new models and a price cut for its Megane model to help in its battle against U.S. rival Tesla Inc (TSLA.O) on its home turf. "The Renault brand's main focus in 2024 is to go back on the offensive in the electric segment, since we're currently second," said Ivan Segal, Renault brand's sales director for France.

A pioneer in the electric vehicle (EV) market alongside alliance partner Nissan (7201.T) in the past, Renault has been overtaken by new rivals. While the French automaker sold nearly 18,000 electric Megane last year in its domestic market, Tesla sold 25,000 Model 3s and more than 37,000 Model Ys, leading the French EV market, according to data firm AAA Data. And China's MG brand (600104.SS) sold 20,000 MG4 vehicles in its first full year on the French market.

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