Renault pulls Ampere EV IPO
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The Renault Group has cancelled the public offering of Ampere, which it created to be a pure play European EV and software developer.
Since the inception, Renault’s strategic approach has been to build Ampere as a separate business with a dedicated team on EV and software to ensure higher competitiveness, agility and innovation. Since November 1st, 2023, it has been operated as an autonomous business.
In 2022, Renault Group had announced its intention to proceed with an IPO (initial public offering) for this entity. The Renault Group says the current equity market conditions are not met for an IPO.
- Renault shakes up its development and procurement
- Renault plans extensive reorganisation – and massive layoffs
The company says the success of its Renaulution strategic plan confirms its ability to generate sustainable cash flow to finance its future including Ampere development. Renault says it has significantly improved its performance above initial expectations which gives it more flexibility.
The Renault Group says it will continue to fund the development of Ampere until breakeven in 2025 and that it has no impact on the financial guidance of the group.
Ampere is focussed on its roadmap to drastically reduce EV cost by 40% in one generation, allowing gradual price cuts. This also includes a move to software defined vehicles with AI with OpenR Link and Reno Avatar.
- Renault creates industrial digital twin ‘metaverse’
- Renault, Geely to set up global powertrain joint venture
Ampere will be part of the major upcoming launches with Scenic, Renault 5, Renault 4, Twingo and two additional cars and claims to have the most compact and efficient industrial EV ecosystem in Europe.
“I’m extremely proud of our teams who created in less than 2 years the best answer to top global players competition with Ampere. 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. This is exactly what will make Ampere successful in this new challenging environment. 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.” said Luca de Meo, CEO Renault Group & CEO of Ampere.
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