Renault's new electric Twingo fits easily into the French carmaker's portfolio.

It is a modern mini passenger car meant for urban European drivers, but it also tells a story about changes in the broader auto industry .

Renault developed the new Twingo over a breakneck 21 months in Shanghai, following an initial design phase in France .

The car is now in production in Slovenia, arriving this month at dealers with a price tag just under €20,000 ($23,000).

The continent-hopping Twingo is a snapshot of a hypercompetitive auto industry and its new center of gravity in China.…