Renault's Luca de Meo is doubtful of meeting the deadlines for transitioning to EVs in Europe. The CEO would like to reduce costs if it wants to deliver on its EV goals, he said in comments to publication Les Echos.
The recent EU elections which coincided with poor electric vehicle demand, have seen increasing voices to do away with the European Union's ban on petrol and diesel car sales by 2035, which is slated to be reviewed in two years, Reuters noted.
de Meo called for more flexibility in the schedule, saying at the same time that it would be a 'serious strategic error' to cast aside the objective due to the current market slowdown.
On being asked about Renault's targets of moving 100% of its European car production to EVs against the backdrop of a weak domestic market, he said, "The truth is we are not yet on the right trajectory to achieve 100% electric cars by 2035. If customers don't follow us, we're all responsible. We need to cut costs."
The auto sector has seen several challenges such as the regulatory unpredictability and competition from China, besides the cost of living crisis in home markets, affecting the transition to electric markets, Reuters reported.