Renault in advanced talks to recycle batteries, aiming to be first European automaker.

From Nasdaq: 2024-03-26 06:24:19

French automaker Renault is in advanced talks with potential partners to recycle lithium and other metals from used electric vehicle batteries, aiming to be the first European automaker to do so on an industrial scale. Recycling these materials can lead to significant cost savings, as they make up as much as 70% of a battery’s cost. The company plans to shift its Flins factory to producing partially recycled car parts and expects to repair 9,000 batteries this year. Renault’s environment unit chief executive highlighted the importance of recycling to reduce Europe’s reliance on China for these critical materials. Discussions with specialist companies for recycling partnerships are at an advanced stage, with the goal of creating a closed loop to reproduce nickel, cobalt, and lithium for new batteries. Miner Eramet is also planning a battery recycling facility in partnership with Suez in France next year, pending final investment decisions. In the competitive EV market, Renault’s brands remain popular in Europe, with the company aiming for substantial revenue targets and operating margins for its recycling business by 2030.



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