Renault’s Dacia brand has reduced the price of its Spring electric vehicle (EV) in France by €2,000 ($2,063), Reuters has reported.
The move is said to be part of a broader strategy by European carmakers to offer discounts and boost EV sales in response to the European Union’s (EU’s) tightening emissions regulations.
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To avoid substantial fines, car manufacturers must ensure that at least one-fifth of their European sales comprise EVs.
However, data from the European Automobile Manufacturers’ Association indicates that only 13% of vehicles sold in the first eleven months of 2024 were electric.
Dacia EV brand, known for its affordability, has set the new entry price for the Spring model at €16,900 ($17,458, making it more competitive against rivals like China’s Leapmotor, Reuters report said.
Leapmotor, which has a joint venture with Stellantis, recently adjusted the price of its T03 model down by €4,000 ($4,130), establishing it as one of the most affordable EVs in the region at €14,900 ($15,385).
In comparison, the new Spring model will feature a less powerful 45 horsepower engine, as opposed to the 65 horsepower engine found in the higher-priced variant.
Despite the difference in power, both versions share the same battery and offer an identical driving range of approximately 225km.
The price cut for the Spring model is already in effect across several other European markets.
In October 2024, Renault reported a group revenue of €10.7bn ($11.55bn) for Q3 2024, marking a 1.8% increase from the same period last year.
