Nissan & Mitsubishi want to continue investing in Renault’s electric vehicle division

Renault has announced that it will postpone the IPO of its electric car division Ampere. The market environment is currently not optimistic enough for the French. This should not delay the planned investment of partners in the Renault-Nissan-Mitsubishi alliance in the electric vehicle category.

Renault actually wanted to put the Ampere in public in the first half of 2024. However, the French canceled the listing of the new electric car unit in January. The current situation on the stock market was not suitable for an IPO, the decision was justified.

The group legally delisted Ampere in 2023 and announced its IPO. Nissan and Mitsubishi announced last year that they would invest in Ampere. Nissan wants to invest up to 600 million euros, Mitsubishi 200 million euros. The decision to postpone the IPO does not change this, said the chairman of the board of Renault Jean-Dominique Senard, according to the news agency. Reuters.

Groupe Renault wants to continue funding development of the Ampere until the division reaches breakeven—even in 2025. All other goals for the electric car subsidiary remain the same. There are more plans to put its share on the stock market to get money from foreign investors.

According to last year’s report, Ampere employs more than 11,000 people, 35 percent of whom are engineers. The aim is to make the division the European market leader for electric vehicles. This should be done, for example, by introducing affordable electronic models “with the latest software technology” for a wide range of customers.

“By building a company that focuses 100 percent on electric vehicles and applications, we have created a modern and competitive division in record time,” Luca de Meo, who also heads Ampere as CEO with the Renault Group, said of the cancellation. of the Ampere list. “We have a startup mindset that allows us to constantly innovate. This is what will make Ampere successful in this new challenging environment.”