Feb. 22, 2008 - French automaker Renault and waste management firm Sita France have created a joint venture to develop end-of-life vehicle recycling in France. The new partners say they aim to recycle 95% of all French vehicles by 2015.

In a statement, Renault said the "current trend toward higher raw material prices" spurred it seek new ways to improve reuse rates for auto parts and materials. Renault's recycling venture will work to develop new methods and processes for recovering reusable materials from vehicles that have reached their end of life.

The "largely self-financed" project is expected to require a 100 million Euro investment over the next five years.