Agassi: Renault will produce the electric car
Shai Agassi added that the car will be on the market from 2011.
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 - www.globes.co.il - on January 21, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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