MUNICH (Reuters) -Europe's carmakers have a fight on their hands to produce lower-cost electric vehicles (EVs) and erase China's lead in developing cheaper, more consumer-friendly models, executives said at Munich's IAA mobility show. "We have to close the gap on costs with some Chinese players that started on EVs a generation earlier," Renault CEO Luca de Meo told Reuters at the car show, adding when manufacturing costs decline, prices will also go down. Chinese EV makers, including BYD, Nio and Xpeng are all targeting Europe's EV market, where sales soared nearly 55% to about 820,000 vehicles in the first seven months of 2023, making up about 13% of all car sales.