Renault has cancelled the planned listing of its Ampere EV division citing “current equity market conditions”.
Renault had planned to spin off the division in the first quarter of 2024 with the aim of generating cash to fund the ambitious roll-out of new electric cars as well as a new digital platform to boost software performance.
CEO Luca de Meo last year called it a “fundamental reshuffle of our business model.”
“Renault Group considers that the current equity market conditions are not met to optimally pursue the IPO process in the best interests of Renault Group, its shareholders and Ampere,” the company said in a statement.
