VW and Renault pull plug on affordable electric Twingo, Renault says

European automakers are aiming to produce smaller EVs that sell below €20,000 to help them compete with Chinese brands like BYD.

"I wanted to show that European industry could work together as a team, so I think this is a lost opportunity, but there may be others," Mr De Meo said on the sidelines of the VivaTech summit in Paris.

French carmaker Renault and its German peer Volkswagen have ended talks to jointly develop an affordable electric version of the Twingo, Renault chief executive Luca de Meo said.

"I wanted to show that European industry could work together as a team, so I think this is a lost opportunity, but there may be others," Mr De Meo said on the sidelines of the VivaTech summit in Paris.