Renault Group (RENA.PA), ​will invest more than €10 billion ($11 billion) in ‌France over the next five years in electric vehicles and more affordable cars, Chief Executive François Provost said on Saturday, Reuters reported.

"Over ​the last five years, we invested €13 ​billion in France to transform entirely our ⁠industrial footprint to bet on electric, and ​over the five coming years, if the social ​and political context allows it, we will re-invest more than €10 billion to continue pushing on electric and on ​making cars more affordable", Provost said in ​an interview on France Inter radio.

Electric cars reached a ‌record ⁠of 42% of new car registrations in France in September, with demand boosted by the spike in fuel prices.