Renault said it would link up with a Chinese engineering company to develop future Twingo cars priced below 20,000 euros ($21,676), as European automakers target smaller and cheaper electric vehicles to compete with Chinese peers.
French carmaker Renault and its German peer Volkswagen have ended their talks to jointly develop an affordable electric version of the Twingo car, Renault CEO Luca de Meo told Reuters on Wednesday.
Volkswagen has walked away from talks with Renault to jointly develop an affordable electric version of the Twingo car, two sources familiar with the situation said, in a setback for the EU carmakers' efforts to fend off Chinese rivals.