China was described as “very competitive” in the electric vehicle market by Renault’s chief executive Luca de Meo on Monday at the IAA Mobility motor show in Munich. “We have to close the gap on costs with some Chinese players that started on EVs a generation earlier,” he said, adding that when manufacturing expenses decrease, prices will naturally follow suit. As part of Renault’s pursuit of price parity with Chinese manufacturers, its R5 EV out next year will be 25% to 30% cheaper than its electric Scenic and Megane models, de Meo said. According to Reuters, the average EV in China cost less than 32,000 euros ($35,000) in the first half of 2022, compared to around 56,000 euros in Europe. In 2023, about 8% of new EVs sold in Europe so far were made by Chinese brands, up from 6% last year and 4% in 2021, the report said. [Reuters]