TSLA - Renault to review prices as Tesla extends price reductions to Europe

2023-04-17 07:10:12 ET

Renault ( OTCPK:RNLSY ) CEO Fabrice Cambolive indicated that the French automaker he helms could be lowering its prices to compete with American EV leader Tesla ( TSLA ) on Monday.

Cambolive told reporters that he considers the price cuts, recently extended into major markets in Europe including Germany and France, are a warning. This warning must be taken into account by other automakers, in his view, though he noted the pressure price cuts could place on margins.

Cambolive indicated that the French auto group would take a granular, market by market approach to pricing and consider its competitive needs. European-listed shares of Renault ( OTCPK:RNSDF ) fell 3.29% in Paris’ afternoon session.

Read more on the automaker’s ongoing partnership restructuring with Nissan .

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