Europe's automakers have a fight on their hands to erase China's lead in developing affordable electric vehicles, industry analysts and executives said at the IAA Mobility auto show in Munich.
"It must be a battle. They (Chinese EV makers) are clearly very competitive in the electric car value chain," Renault CEO Luca de Meo said. "I think they are a generation ahead of us."
"We need to catch up very quickly," he added.
Chinese automakers including MG, BYD and Xpeng are targeting Europe's EV market, where EV sales soared nearly 55 percent to about 820,000 vehicles in the first seven months, making up about 13 percent of all car sales.
Renault unveiled a battery-electric version of its Scenic compact crossover at the show on Monday. The Scenic will be priced at a level that is within reach for many customers, similar to a hybrid model of the same size and category, de Meo said.
Renault said it will release the prices for the Scenic E-Tech later in the year, with a launch planned in the first quarter of 2024.