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A new Renault Twingo electric car is unveiled in Paris, France, November 15 2023. Picture: GONZALO FUENTES/REUTERS
A new Renault Twingo electric car is unveiled in Paris, France, November 15 2023. Picture: GONZALO FUENTES/REUTERS

Paris — Renault on Monday ditched plans to list its electric vehicle (EV) business Ampere because of sluggish stock market conditions.

In September, Luca de Meo, CEO of both the Renault Group and Ampere, said the IPO could be worth up to €10bn.

The move comes as EV demand in Europe weakens and the region’s carmakers face stiff competition from Chinese rivals.

“Today, we took a pragmatic decision. We are all focused on executing our strategy and building our track record to create value for all our stakeholders,” said De Meo.

In a statement the Renault Group said it would continue to fund the development of Ampere until it reaches break-even in 2025.

In 2022, the company had announced its intention to proceed with an IPO for Ampere in the first half of 2024 but had already said late 2023 that it would not go ahead if the valuation was too low.

Reuters

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