Renault is throttling back plans for its EV-focused Ampere unit as the company has cancelled a planned initial public offering (IPO).
As the automaker explained, Ampere was created as the “only European EV and software pure player” and has been operating as a separate business. This paved the way for an IPO, which was slated to occur in the first half of 2024.
However, a lot has changed since the plan was announced in 2022 and the company believes “current equity market conditions are not met to optimally pursue the IPO process in the best interests of Renault Group, its shareholders and Ampere.” On top of that, the company says they’re performing better than expected and this has resulted in stronger cash generation which, in turn, reduces the need for an IPO.
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While the IPO is now off, Renault said the Ampere team remains “fully committed to execute its strategy,” which calls for reducing electric vehicle costs by 40% in one generation. The firm is also working on software and AI advances as well as “major upcoming launches” including the 4, 5, Scenic, Twingo and two other models.
These efforts require money and Renault will continue to provide funding. However, the automaker believes Ampere will reach a breakeven point in 2025 and they stated “this decision has no impact on the financial guidance of Renault Group and its capital allocation strategy.”
More: Renault’s Future Lineup To Include 7 EVs, Developed And Built In Europe By Ampere
Ampere and Renault Group CEO Luca de Meo said, “Today, we took a pragmatic decision. We are all focused on executing our strategy and building our track record to create value for all our stakeholders.”
He added that “By setting up a 100% focused EV and software business, we built in record time an agile and competitive entity. We have the start-up mindset which allows us to constantly innovate” and “this is exactly what will make Ampere successful in this new challenging environment.”
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