According to a corporate executive, French manufacturer Renault is exploring the possibility of repurposing additional strategic raw materials by exploring advanced talks with possible partners to extract and recycle metals, including lithium, from used electric vehicle batteries.

Renault wants to be the first carmaker in Europe to recycle batteries on an industrial scale, even though recycling auto parts is becoming more and more prevalent. Renault's proactive battery recycling strategy shows its dedication to sustainable environmental practices and careful resource management. The company is in a position to execute creative solutions that support the circular economy and lessen the environmental impact of EV batteries by working with strategic partners.

"Nobody in Europe can currently claim to recycle used batteries in a closed-loop to reproduce nickel, cobalt, and lithium to make new batteries," stated Jean-Philippe Bahuaud, CEO of Renault's environmental unit.

In an interview conducted ahead of this week's ChangeNOW conference in Paris, he stated that talks with specialized businesses that may collaborate on recycling are at an "advanced" level.

Concerns regarding the region's excessive reliance on China for the materials are developing since most of the metals needed in batteries that power electric vehicles are mined and processed outside of Europe.

Recovering the metals can also result in significant cost savings since they can make up to 70% of a battery's price. In turn, batteries can account for as much as 40% of the cost of the car.

In addition, Miner Eramet (ERMT.PA), opened a new tab, plans to construct a battery recycling facility at the northern French port of Dunkirk in collaboration with garbage company Suez, with plans to begin operations in 2019. There has yet to be a definitive investment decision made.

Leaders in electric vehicles alongside partner Nissan (7201.T), have opened a new tab Over the past ten years, Tesla (TSLA.O), has opened a new tab, and many Chinese brands have surpassed Renault. Nonetheless, its Dacia and Renault brands rank highly in the European EV market. It will cease producing new cars at its facility in April. Bahuaud anticipates that this year, Flins will fix 9,000 batteries. Renault offers a 30% discount on batteries as well as other refurbished items including chargers and electric engines compared to new products.

By 2030, the TFIN company hopes to reach sales of 2.3 billion euros ($2.49 billion) and an operating profit of above 10%.

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