PARIS -- Renault will not invest in developing a new engine to fit the last generation of diesel vehicles it will produce and will instead adapt its existing model, CEO Luca de Meo told shareholders.
Automakers are accelerating an overhaul away from combustion-engine vehicles and into electric cars, encouraged by more stringent rules on pollution and emissions and growing consumer demand for greener vehicles.
Renault makes its own engines and was long a provider of diesel powertrains for other companies too.
Dropping this investment plan comes as the money-losing group looks to cut costs.
