Renault to join European electric battery project: Macron.

Etaples-French automaker Renault has agreed to join a Franco-German project to produce electric batteries for the rechargeable auto industry, President Emmanuel Macron said recently.

"Renault will enter into its capital and also develop the project," which already includes competitor PSA, Macron announced.

Finance Minister Bruno Le Maire has said Renault would need to join the project, dubbed the "Airbus of batteries" in order to receive a five billion euro ($5.4 billion) government rescue loan.

ET