MADRID (Reuters) – France’s Renault said on Tuesday it will produce three new higher-margin hybrid models in 2022-2024 in Spain following a new labour agreement struck recently with unions.
The carmaker will make Spain a major hub for its E-TECH hybrids as it seeks to refocus its business to cut costs and improve margins after reporting an 8 billion euro loss in 2020.
Renault currently manufactures three vehicles at its Palencia and Valladolid plants, in northwestern Spain.
(Reporting by Joan Faus; Editing by Ingrid Melander)
