Renault has signed its 100,000th electric vehicle battery leasing contract through RCI Bank and Services.
The manufacturer has offered battery leasing since the launch of its first electric vehicle and now 93% of its European customers lease their EV battery.
Take-up is high partly because Renault offers a lifetime warranty on leased batteries. If the battery fails, or if its energy capacity drops significantly, Renault will change or repair it for free, for the duration of the vehicle’s lifecycle.
This also helps to support residual values, as used car buyers benefit from a guaranteed level of battery performance.
The agreement also allows customers to upgrade to more powerful batteries on some vehicles when they become available.
Although electric vehicles are a small part of the European car market, demand is slowly growing.
More than 155,000 plug-in cars were sold in the European Union last year, a rise of 4.8%. Plug-in cars accounted for around 1% of the total European Union car market of 14.6 million units last year.
However, over the next few years the market is expected to grow significantly as a range of major manufacturers launch new plug-in models.