By Tara Patel

June 30, 2021

Renault SA aims to cut the cost of its batteries by 60% over the next decade as the French carmaker ramps up production of electric vehicles in Europe.

Renault also plans to lower the costs of its electric motors by 30%, make them more compact and extend their range, the company said in a statement on Wednesday.

“The Renault brand aims to have the greenest mix in the European market in 2025, with over 65% of electric and electrified vehicles in the sales mix and up to 90% battery electric vehicles mix in 2030,” the company said.

The struggling automaker is making a big bet on EVs and earlier this week unveiled plans to secure batteries for its future vehicles produced in France. China’s Envision Group agreed to spend as much as 2 billion euros ($2.4 billion) on a battery factory adjoining Renault’s plant in Douai.

Renault, which had a record loss last year, also plans to acquire a stake of slightly more than 20% in a year-old French startup called Verkor for higher-performance power packs and could join a venture called ACC, spearheaded by rival Stellantis NV and TotalEnergies SE.