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The strong presence of Chinese competitors at the show, which returns this week after a four-year hiatus due to the Covid-19 pandemic, shows "they are interested in our market, in our customers," Renault CEO Luca de Meo said. Speaking to media later, after unveiling Renault s highly-anticipated new electric R5, he insisted Europe s auto industry was "up for the challenge". ....
In 2022, Chinese car makers had a 9% share of Europe s EV market, nearly double the previous year s figure, according to forecasts by consultancy Inovev. And the pace is picking up. Like other EV makers, Renault also faces increased pressure from U.S. rival Tesla, which has cut prices several times this year even as that has eaten into its margins. ....