Future of Electric Cars Hinges on $70 Oil

Renault-Nissan Alliance chief Carlos Ghosn believes all-electric cars will grab 10% market share by 2020.

Published: 16-Sep-2009

FRANKFURT -- Renault SA Chief Executive Officer Carlos Ghosn said the future of electric cars depends on a rebound in oil prices that may boost sales of the battery-powered vehicles he’s spending 4 billion euros ($5.9 billion) to develop.

“If it’s less than $70, we’re going to have a problem,” Ghosn said in an interview at the Frankfurt Motor Show. “If oil’s at $200 the economic equation’s very easy, and if it’s more than $200, even easier.”

Renault pledged yesterday to sell 100,000 electric cars by 2016 in Israel and Denmark, the first two countries to hire the Paris-based company’s U.S partner Better Place to roll out nationwide networks of battery-charging and swapping stations.

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