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PHOTO CAPTION: Renault Zoe electric car is to be manufactured at Flins, France

France Pulls Investment in Renault EV Battery Plant

Delays in battery project due to reported dissatisfaction seen as key factor in canceling loan.

Published: 13-Jul-2011

In a significant blow to Renault’s electric vehicle battery programme, the French Strategic Investment Fund has decided to withdraw its plans to invest €125million in the project.

According to reports in La Tribune, a €100million public loan will also no longer be granted.

Currently,France owns a 15 per cent stake in Renault which is investing €4billion, along with its alliance partner Nissan, into its electric vehicle programme. One of the key parts of the programme was the manufacture of lithium-ion batteries and the Zoe electric vehicle at Flins. However, reports suggest this was the subject of a meeting between Renault CEO Carlos Ghosn and French Minister of Industry Eric Besson last week.

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