French automobile manufacturer, Renault, has reportedly unveiled a filly electric version of its beloved 70s hatchback, the R5, which was first produced in 1972. The launch apparently heralds a new revival plan after years of turbulence, as the company hopes to move upmarket inside an industry that is racing towards a clean-energy shift.

Sources close to the matter cite that the automaker is also planning to collaborate with Google on connected vehicles as well as for the incorporation of artificial intelligence capacities. Renault has also planned to develop the largest electric vehicle factory in Europe, which is anticipated to be established in northern France.

According to Renault CEO, Luca De Meo, the company has introduced a new version of its sturdy stalwart, the R5, which could be afforded by everyone. Renault is also set to focus on 24 new models which have been planned by 2025, of which ten would be either hydrogen-powered or battery-powered, added the CEO.

The company’s original R5 enjoyed tremendous popularity and continues to stay a favorite amongst rally fans and collectors, who would be ready to pay tens of thousands of euros for the vintage turbo versions of the ‘everyday supercar’.

As per sources, Renault was a forward adopter of EVs for the masses under previous chairman, Carlos Ghosn, who was reportedly ousted in 2019 after his arrest in Tokyo on the grounds of financial misconduct while heading the Renault-Nissan-Mitsubishi alliance.

In the light of the R5 roll-out, Deo has promised of streamlining the company’s operations, in turn focusing on more productive segments as he laid out the automaker’s strategy blueprint through the next five years.

For the record, Renault claims to have traded 325,000 EVs in Europe since 2010, chiefly comprising subcompact and small cars such as the Twingo or Zoe. The company is speculated to witness similar accomplishment as it brings about a reduction in the number of other models, while spiking vehicle costs by thousands of euros with the intention of lifting operating margins to 3% through 2023 and over 5% through 2025.

Source credit: https://www.brecorder.com/news/40052627