Renault will slash the prices of its electric vehicles to stay relevant in this competitive market, Reuters reports pointing out that the decision was prompted by Tesla dropping its prices for the second time in a year.
The specifics are still unannounced. Tesla dropped the pricing across its entire range by 10% this time around, following up on the previous 17% cut.
The Renault Megane E-Tech Electric, one of the company’s most popular electric cars in France, currently starts from €42,000. Its main rival – the Tesla Model 3 – starts from €41,990. Both are eligible for state tax incentives reaching as high as €5,000.
Renault has sold 3,570 Megane EV units on its domestic market in Q1 2023, surpassing the Tesla Model 3 by 13%. That said, Tesla has also sold 9,364 Model Y SUVs over the same period.