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Renault cancels IPO process of electric vehicle subsidiary Ampere

Groupe Renault announced that considering the current downturn in the stock market, the group decided to cancel the IPO process of Ampere.

Renault stressed that it had enough cash even without an IPO and that the group would continue to fund Ampere’s development until it reached breakeven in 2025. This decision has no impact on Groupe Renault’s financial guidance and capital allocation strategy.

“Today, we have made a pragmatic decision. We are all focused on executing our strategy and delivering better results that create value for all stakeholders.”

Groupe Renault said the entire Ampere team will execute its electric vehicle and software strategy, with a clear roadmap in place to significantly reduce the cost of electric vehicles by 40% within one product generation.

The company announced as early as 2022 that it planned to conduct an IPO of Ampere in the first half of 2024, but late last year stated that it would cancel it if the valuation was too low.

Luca de Meo, CEO of Groupe Renault and Ampere, previously said that the value of the IPO may be as high as 10 billion euros.

In December, Renault alliance partners Nissan and Mitsubishi announced they would invest in Ampere. Renault stressed that the companies were interested in investing in Ampere even without an IPO. Qualcomm is also expected to invest in Ampere, but its investment is contingent on the IPO proceeding.

Renault Group Chief Financial Officer Thierry Piéton said that after canceling the IPO process of its electric vehicle subsidiary Ampere, Renault will discuss the latter’s investment plan for Ampere with Nissan.

“Nissan has stated that it is interested in potential investment opportunities regardless of whether Ampere IPOs or not… This has been taken into account in the contract between the parties and there is an agreement that allows Nissan to invest regardless of whether Ampere IPOs or not.”

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Threza Gabriel
Threza Gabrielhttps://www.techgoing.com
Threza Gabriel is a news writer at TechGoing. TechGoing is a global tech media to brings you the latest technology stories, including smartphones, electric vehicles, smart home devices, gaming, wearable gadgets, and all tech trending.

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