Renault links up with Chinese partner to build $22,000 EV after VW broadside

Luca de Meo, chief executive officer of Renault SA, speaks during a panel session on the opening day of the annual meetings of the International Monetary Fund (IMF) and World Bank in Marrakesh, Morocco, on Monday, Oct. 9, 2023. The IMF and World Bank's first annual meetings in Africa since 1973 were expected to give a spending boost to Morocco's fourth-largest city and one of its top tourist destinations. (Credit: Hollie Adams/Bloomberg via Getty Images)

A penny for Volkswagen CEO Oliver Blume’s thoughts. A week after seeing its affordable electric vehicle hopes left in the mud, with a broadside from would-be partner Renault on the way out, the German automaking boss is digesting news that its rival is now linking up with a Chinese company instead.

Renault has announced plans to partner with an unspecified Chinese engineer to create an affordable EV version of its Twingo car, slated to cost less than €20,000 ($21,700).