Renault (RNLSY) has terminated a project with Valeo (VLEEY) to make a new rare-earth-free electric vehicle motors and will instead try to find a cheaper Chinese supplier, Reuters’ Gilles Guillaume reports, citing two sources familiar with the matter. The French car maker said in late 2023 it was working with Valeo to develop a new, more powerful and more compact EV motor without using rare earth materials, the author notes.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge-fund level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RNLSY:
- Kering in Talks to Sell Beauty Unit to L’Oréal in $4 Billion Deal
- Spotlight on BYD, Other Chinese EVs as Renault’s Dacia Reveals $17K ‘Hipster’ Mini EV Prototype
- Renault considers cutting up to 3,000 positions worldwide, Bloomberg says
- Renault looking into ways to support French defense efforts, Bloomberg says