VWAGY - Volkswagen Abandons Renault Partnership On Affordable EV Project: Report | Benzinga
Volkswagen AG (OTC:VWAGY) has reportedly exited discussions with Renault SA (OTC:RNSDF) (OTC:RNLSY) about collaborating on an affordable electric version of the Twingo car.
This development represents a challenge for European car manufacturers as they strive to compete with more cost-effective Chinese alternatives, reported Reuters.
Despite several months of negotiations, the two companies could not reach an agreement. Reuters said one source mentioned that a deal was close, but ultimately, Volkswagen decided to proceed independently.
The report further noted Renault would ...