Renault to Use EIB Loan to Finish Development of New Twingo image

Renault announced it will use the 400-million-euro loan from the European Investment Bank to develop its Twingo minicar.

The French automaker will use the EIB loan to finish the development for its third-generation Twingo, which is to hit the market sometime in 2014, according to Renault spokeswoman. The company has not shared any information about the Twingo, only that the vehicle will share a ear-wheel-drive platform with the all-new Smart ForFour, part of the partnership between Renault-Nissan and Daimler. The automaker will also launch in the near future the EV version of the Twingo.

The EIB bank, which is the EU investment arm, said that the loan offered to Renault is part of its support for environmentally friendly and affordable vehicles in Europe, which has become one of its priorities. According to the bank, large part of the loan will be used to develop lightweight materials for the vehicles, which will reduce substantially the cars’ weight and will also improve aerodynamics.

A couple of month ago Renault unveiled the Renault Ross Lovegrove Concept, which it previews the styling of the third generation Twingo. The Renault Ross Lovegrove Concept has a hatchback design and it’s getting a large rear spoiler and some green alloy wheels.

Source: Autonews