PARIS: French carmaker Renault announced plans on Thursday to cut its production costs per vehicle, and also said it would make four new models at its Bursa site in Turkey.

Renault said that, between now and 2027, it would aim to cut its production costs per vehicle by 30% for internal combustion vehicles, and by 50% for electric vehicles.

“This industrial transformation will make our base more agile, more virtuous and more competitive, while also enabling us to respond more quickly to customer expectations,” said Renault Group’s Chief Industry and Quality Officer Thierry Charvet in a statement.

Nissan, Mitsubishi still plan investment in Renault EV unit

Earlier this week, Renault’s long-standing alliance partners Nissan and Mitsubishi had also confirmed plans to invest in Renault’s electric vehicle unit Ampere and use it to develop electric vehicles for the European market.