Renault Halts Ampere EV IPO Due to Market Conditions
Renault Group has decided to abandon the initial public offering (IPO) of its electric vehicle (EV) and software business, Ampere. The decision, made due to unfavorable market conditions, does not affect Renault Group's financial outlook or investment plans.
Ampere, established in November 2022, operates as an autonomous business unit since November 1, 2023. It aims to reduce EV costs by 40%, develop software-defined vehicles, and expand Europe's EV production ecosystem. The IPO, originally scheduled for the first half of 2024, was expected to value Ampere up to $11 billion. Renault Group will fund Ampere until it achieves profitability in 2025.
The cancellation of the IPO does not affect the leadership of Ampere's business unit. The current head is not specified in available search results.
Renault Group has scrapped the Ampere IPO due to poor market conditions. Despite this, Ampere continues its mission to make EVs more affordable and develop advanced software. Renault Group remains committed to funding Ampere until it becomes self-sustaining in 2025.
