Agassi: Renault will produce the electric car

Shai Agassi added that the car will be on the market from 2011.

"Renault will produce an electric car for us, and it will become available commercially starting from 2011," said Shai Agassi today at the dedication ceremony for the Project Better Place electric car venture at the President's Residence.

The Renault-Nissan Alliance is expected to play a technical role in the development of the electric car, based on the Megane saloon, and will reportedly invest $150-300 million. The production, however, will not be located in Israel.

Agassi and his partner, Israel Corp. (TASE: ILCO) first unveiled the electric car venture in August 2007. Israel Corp pledged $100 million out of the initial $200 million in investment in the venture. Last month Israel Corp announced that Ofer (Shipping Holdings) Ltd., a privately held subsidiary of its parent company Ofer Brothers sub would contribute a further $30 million. It was joined in the venture last week by another Israel Corp. subsidiary Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM), which will develop processors for the electronic control system, one of the car's key components.

Published by Globes [online], Israel business news - - on January 21, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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