Renault shares rise, announces Paris ride-sharing launch plans

Renault shares are higher Wednesday after the French car maker announced an electric car sharing plan for Paris that's set to launch in September.

Renault shares rise, announces Paris ride-sharing launch plans

Renault shares are higher Wednesday after the French car manufacturer announced plans to launch a new car-sharing service in Paris and the surrounding areas, from September. It marks the next step in the carmakers intention to increase the provision of electric vehicles in the country.

By 1140 BST, Renault shares were 1.16% higher at €73.24. The stock has been on a downward path in recent weeks amid the ongoing trade tariff worries that have weighed heavily on European auto stocks.

Renault’s electric vehicle mobility plan

Renault said the initial phase of the plan would see electric Renault vehicles used as an option for ride-hailing across the city and also, for car sharing on journeys between particular destinations. A car-sharing loop is also set to be on offer, which should be in place for longer journeys and on a 24-hour basis.

Renault said once that is in place, it’s aiming to broaden the discussion about electric city mobility, not just in Paris, but other cities too.

“As the European leader in electric vehicles, Groupe Renault has also been a player in mobility services for several years, notably through Renault Mobility and the Zity car-sharing system in Madrid,” said Thierry Bolloré, Executive Vice President of Groupe Renault.

“Today, we are delighted to be part of the City of Paris' desire to develop electric mobility for all, which is safe and respectful of the environment. This shared vision launches an ambitious model that can inspire many cities in France and around the world,” Bollore added.

Renault not alone in electric vehicle ambitions

While Renault is sharing its news and plans on its electric vehicle ambitions, it’s not the only car maker with those ideas. Or, indeed, with Paris in its sights.

Peugeot owner, PSA Groupe said last week that it was also launching an electric car sharing plan for the city. Users of the scheme, named Free2Move, will be able to pick up an electric vehicle in one location and then leave it at a different location in the city.

“After the launch of Free2Move App, we are providing Parisians with our know-how in urban mobility,” said PSA Group executive committee member, Brigitte Courtehoux. “It means a sustainable and high quality of electric car-sharing service. This is possible thanks to the good collaboration we have established with the Paris City Hall,” she added.

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