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French Billionaire Bollore Abandons EV Strategy
French tycoon Vincent Bollore is abandoning his plan to compete in the electric-car market with such established European carmakers as Renault and Volkswagen, Bloomberg News reports.
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French tycoon Vincent Bollore is abandoning his plan to compete in the electric-car market with such established European carmakers as Renault and Volkswagen, Bloomberg News reports.
Bollore partnered with PSA Group in 2015 to launch a car-sharing system in France. The two companies also announced last October they would test a similar business model in Los Angeles.
But the billionaire concedes that his Bluecar EV can’t compete on price with electric cars from larger manufacturers. He says he will focus instead on his struggling Blue Solutions unit, which makes batteries for buses and stationary applications.
Bloomberg notes that Blue Solutions shares have lost more than 75% of their value within the past three years. The company is 90% owned by holding company Bollore SA.
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