Renault to go public with EV division Ampere in spring
Renault CEO Luca de Meo has given more details about when the electric car business will split from the rest of the company and its planned IPO. The split will take place on 1 November 2023.
From then on, Ampere will be separated from the Renault Group, but the ownership structure will not change – Ampere will remain 100 per cent in the hands of the carmaker. The IPO will follow a few months later: Ampere shares will be traded from spring 2024, de Meo told the French BFM TV.
He did not narrow down the date for the IPO more precisely. “So we separate, and then we see if we have the right conditions to enter the market,” de Meo said. Renault’s top management thus wants to ensure a certain flexibility to find a suitable date. An investor for the IPO has already been identified: alliance partner Nissan will invest up to 600 million euros in Ampere and receive a seat on the board in return.
However, what percentage of shares the Japanese will acquire for this sum remains to be seen. During talks about the reorganisation of the alliance, which have been going on for years, it was agreed that Nissan could take a stake of up to 15 per cent in Ampere – which also corresponds to the cross-shareholding of Renault and Nissan. According to a report in the Japanese daily Yomiuri Shimbun from July, Nissan will probably receive less than ten per cent for this investment.
De Meo himself will become head of Ampere. Renault already presented the management team of the new division in June. The Spanish Josep Maria Recasens as Chief Operating Officer and the French Vincent Piquet as Chief Finance Officer will support De Meo. The Ampere team will comprise around 10,000 employees, one-third of them engineers. These will not only develop in the field of electric drives but will also make Ampere a major player in software-defined vehicles.
With its own e-mobility and software development and simultaneous access to Renault’s industrial resources, Ampere’s primary goal is to reduce the cost of the next generation of electric cars. It previously announced a target of 40 per cent. Ampere targets an average annual revenue growth rate of 30 per cent by 2030. With 80 per cent of its investments already made, Ampere is expected to turn a profit by 2025 and achieve double-digit margins by 2030.
In June, when the spin-off was announced for the second half of 2023, the division said it would give further details for its financial targets at a special capital markets day.
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