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The shareholders seem to be very happy that the French car manufacturer Renault has decided not to outsource the electric car department. Renault shares immediately rose on the stock market after the announcement. However, the step is not a vote of no confidence from investors or Renault itself: they continue to believe in the long-term success of the electric car and software division.
After all, financially strong investors, Nissan and Mitsubishi as well as the chip manufacturer Qualcomm, had registered their interest. And the group immediately made it clear that it would drive development forward using its own resources. At best, partnerships with the above-mentioned investors are now being sought in other ways.
First flight over
A successful IPO would simply have been too uncertain for Renault at the moment. Hardly any manufacturers really make money with electric cars – even though sales are increasing worldwide. Chinese electric car manufacturers in particular continue to grow strongly. At the same time, however, the costs for research and development in the still young vehicle division are very high. In addition, the competition on the market is becoming ever greater with the entry of other traditional and new car manufacturers.
And: The first boom in the electric car industry triggered by Tesla is already over, especially in the West. There was no crisis on the horizon, as certain observers have already written – because subsidies for electronic cars have been canceled in Germany, the car country. But currently, especially in the Western world, the growth figures are no longer being achieved as they were a few years ago.
House connections are missing
That’s not surprising: those people who have always wanted to have an electric car have already bought one. For everyone else, buying an electric car is currently often not attractive enough. Millions of tenants do not have a suitable electrical outlet at home. Owners and tenants often shy away from the high costs of additional house connections. This makes charging an electric car impractical and expensive because you have to drive to a special gas station.
In addition, electric cars still cost a lot comparatively. And many people expect that the batteries will soon get better – and thus the range of the cars will be significantly longer. That’s why they wait before buying – or buy another gasoline engine.
Further growth – but slower
The move towards more electric cars seems unstoppable not only in Asia, but also here. Especially since many countries have set themselves the goal of no longer registering new petrol or diesel vehicles in ten to fifteen years (EU: 2035). But without new subsidies for electric cars and home connections – or driving bans for combustion engines in large cities – the change will take place more slowly in the next few years than many investors and environmental politicians would like.