2023-06-20 09:24:22
Renault’s new entity dedicated to electric vehicles is beginning to take shape, with a view to an IPO by the end of the year.
The reorganization of the Renault group under the baton of Luca de Meo continues. Le Losange has just announced the creation of the management team of Ampere, the subsidiary that will bring together the manufacturer’s electrical and software activities. And it will be directed by… Luca de Meo. He will therefore combine with his position as general manager of the group.
A decision recorded by the board of directors of Renault. In a press release, the brand also announces that “two key executives of Renault Group, Josep Maria Recasens and Vincent Piquet, will respectively be appointed Chief Operating Officers and Chief Financial Officer of Ampere”. Renault’s goal is to take Ampere public by the end of this year.
With this project, the brand wants to separate its thermal and electric activities, and thus attract new investors who will help Renault finance its transition to electric. Diamond allies Nissan and Mitsubishi will take shares, as will chip giant Qualcomm. Renault will however keep the majority.
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The Diamond thinks that its subsidiary will quickly be in the green financially, because it is far from starting from scratch. 80% of investments have already been made, with in particular two platforms dedicated to electric vehicles, the CMF-BEV for urban models and the CMF-EV for large models. Ampere is targeting breakeven operating profit and free cash flow by 2025, and a double-digit margin by 2030.
Ampere will bring together 10,000 group employees, including a third of engineers and blue-collar workers from the Electricity production center in the north of the country, with an initial capacity of 400,000 vehicles produced per year and the objective of reaching one million.
The brand’s electric models will thus be attached to Ampere, but they will keep a Diamond in the grille. After the Megane, Renault will continue in 2024 with the Scénic and the highly anticipated R5, then in 2025 there will be the modern 4L.
The new funding and partnerships will help Renault develop the next generation of electric models. The manufacturer has an ambitious objective: a 40% reduction in costs per electric car by 2027. This involves various levers, such as a 30% reduction in the diversity of parts or an optimization of the assembly line, with the desire to produce a vehicle in less than 10 hours. Renault also announces its desire to study new battery technologies, from the less expensive sodium ion to the promised solid state revolution.
A “capital market day” will be organized in the second half of the year to tell more about Ampere.
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