Renault Alpine A290 Electric Car unveiled, setting sights on premium EV market
Renault Alpine A290 Electric Car unveiled, setting sights on  premium EV market

Renault Alpine A290 Electric Car unveiled, setting sights on premium EV market

June 14, 2024
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On Thursday, French automaker Renault unveiled its first electric sports car Alpine A290 in a planned range of premium EVs. This move aims to counter growing competition from Chinese manufacturers and capture a share of the premium EV market, which is currently outperforming the rest of the automotive sector. 

Alpine’s New EV Lineup

Renault, traditionally known for its mid- to low-end Renault and Dacia models, is planning to launch seven electric vehicles under its Alpine sports brand. Here are some of the key details regarding the same:

Model Name
Alpine A290

Base Model
Renault 5

Sports Features
Alpine Formula 1 sports car

Number of Models
Seven electric vehicles under the Alpine sports brand

Launch Sequence
First of these is the compact Alpine electric A290

Price
Starting from 38,000 euros (₹34.2 lakh)

Market Position
Positioned below luxury brands like Porsche and Ferrari

Competitors
Premium models from Volkswagen’s Audi, BMW, Mercedes, and Tesla

Expected Outcome
Renault expects this new range to drive the brand’s growth and international expansion

 

Strategic Goals for Alpine

Renault aims for its Alpine division to generate sales of two billion euros (₹1.8 lakh crore) by 2026 and over eight billion euros (₹7.04 lakh crore) by 2030, with half of these sales expected to come from outside Europe. The brand is already well-known in Japan and sees significant potential in South Korea and China, where it anticipates sales of one billion euros by 2030.

However, Alpine currently lags behind market leaders, having sold only 4,328 vehicles last year compared to 330,600 fully electric BMWs, 222,600 electric Mercedes, and 178,000 electric Audis.

Financial Outlook and Market Position

In the first quarter, Renault reported revenue of 11.7 billion euros (₹10.5 lakh crore) and anticipates volume growth this year with new product launches. The company is targeting a double-digit operating margin by 2030, although it faces challenges, particularly in its electric vehicle segment, which currently comprises seven percent of its business. The overall demand for EVs in Europe has slowed due to reduced government subsidies, and Renault must also contend with low-cost Chinese competitors and EU tariffs on its China-made Dacia Spring.

Market Entry and Expansion Strategy

Alpine’s strategy involves starting with a sports coupe and gradually expanding into more accessible models, mirroring the successful approaches of Porsche with its 911 and Geely with Lotus. Despite its lack of historical presence compared to Porsche, Alpine is entering a nascent electric vehicle market that is open to new players.

This weekend, the new Alpine electric A290 will be showcased at Le Mans, coinciding with the 24 Hours of Le Mans endurance race.

Final Thoughts 

Renault’s introduction of the Alpine electric A290 marks a significant step in its strategy to penetrate the premium EV market. By leveraging the Alpine brand and focusing on high-margin segments, Renault aims to enhance its global footprint and compete effectively against both established and emerging competitors in the electric vehicle space.

The post Renault Alpine A290 Electric Car unveiled, setting sights on premium EV market appeared first on E-Vehicleinfo.

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