Renault hopes to list its Ampere electric vehicle business next year as it pushes forward with an ongoing transformation and transition to EVs.
While recently speaking about the firm’s plans, Renault chief executive Luca de Meo said he wants Ampere to go public sometime during Europe’s spring next year, meaning between March and May. In the meantime, Ampere is expected to be formally separated from the rest of Renault by November 1 this year.
“So we separate and then we see if we have the right conditions to enter the market,” de Meo confirmed to Auto News Europe.
Read: Nissan To Invest $663 Million In Renault’s EV Unit As The Two Companies Finalize New Alliance
The French car manufacturer had initially planned to spin off its Ampere EV unit before the end of this year and was aiming for a market capitalization of around €10 billion ($11 billion). The unit won’t just be charged with the firm’s future EVs but will also develop a new electrical architecture that operates with 20 processors, rather than the 100 that Renault currently uses. This new electrical architecture will also allow for over-the-air software updates and help the carmaker avoid €1.5 billion ($1.65 billion) in research and development expenses over a decade.
News of Ampere’s impending separation from Renault comes shortly after the French brand revised its alliance with Nissan. The new agreement will see Renault and Nissan both hold a 15% stake in each other while Nissan will become a strategic investor in Ampere. The company is expected to invest up to €600 million ($663 million) in Ampere and will also secure a board seat.
While Ampere is still in its infancy, Renault believes that it could reach profitability as soon as 2025. We also know that it is targeting a 30% compound annual growth rate until 2030 and also forecasts a 40% cost reduction on a car-by-car basis when it introduces its next generation of EVs.
