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Renault to pick partner for new Twingo EV by early 2024 -sources

French car maker Renault holds an investor day for its EV unit Ampere in Paris

By Gilles Guillaume and Christina Amann

PARIS/BERLIN (Reuters) - Renault aims to pick a partner to develop its new Twingo electric vehicle by early next year, two sources close to the matter said, with Volkswagen among those in the running.

Renault confirmed it was in talks with several carmakers about a possible partnership, but declined to comment on names or timings. Volkswagen declined to comment.

The French carmaker is in talks with Germany's Volkswagen on partnering on the new Twingo EV, said three sources, who declined to be named because talks were ongoing.

One of the sources said Renault aims to make a decision on which automaker to partner with as early as this year.

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Last month, Renault announced the launch of a new Twingo EV, called Legend, which will sell for less than 20,000 euros ($21,500), with finance chief Thierry Pieton saying the aim was to democratise the EV market.

Meanwhile Volkswagen in March laid out the details of an all-EV under development for 25,000 euros, to launch by 2025.

The German carmaker said at the time it was also working on a 20,000 euro vehicle, but did not provide further information.

Handelsblatt reported on Dec. 8 that Volkswagen was in talks with Renault over cooperating on the 20,000 euro car, as rivals attempt to produce more affordable EVs.

The average retail price of an EV in Europe in the first half of 2023 was more 65,000 euros, research firm JATO Dynamics said, compared to just over 31,000 euros in China.

($1 = 0.9291 euros)

(Reporting by Gilles Gillaume and Christina Amann; Writing by Victoria Waldersee; Editing by Alexander Smith)