At today's event "Making peace between transport and the environment" at the Prime Minister's Office, Renault president and CEO Carlos Ghosn said that Israel was an ideal testing ground for the launch of the electric car project because 90% of car owners drive less than 70 kilometers a day, and the country's main cities are within 150 kilometers of each other.
Ghosn said that Renault SA (Euronext:RNO) planned to switch to the mass production of electric cars in 2011. He added that Renault's electric car would be built by Nissan Motor Co. Ltd. (TSE: 7201) through its joint venture with NEC Corporation (TSE: 6701). Renault is working on developing replaceable batteries to guarantee mobility for the cars. He said that testing would begin this year, and that the Israeli government's tax breaks would boost the electric car venture and enable the marketing of electric cars at low cost.
Ghosn provided no information about where the electric cars would be built and disclosed no details about Renault's collaboration with Shai Agassi's venture, Project Better Place.
Prime Minister Ehud Olmert praised the venture and Agassi, saying that this was a breakthrough that could end Israel's dependence on external energy sources and change the country's lifestyle. He praised Agassi's ability to recruit partners for his venture, such as the Renault-Nissan Alliance. Olmert also praised President Shimon Peres for his vision in supporting the project.
Published by Globes [online], Israel business news - www.globes-online.com - on January 21, 2008
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