Renault Spins Off EV Unit 'Ampere', Prepares for IPO Under New CEO Luca de Meo

Renault

Tuesday, June 20, 2023 9:21 AM UTC

Renault announced on Monday, June 19, that it had assigned its own chief, Luca de Meo, to be the chairman and CEO of its Ampere EV business. It was mentioned that the spinoff unit is part of De Meo's scheme as he reorganizes Renault so it can compete much better in the electric vehicle market and software-defined cars.

The French automobile manufacturer based in Boulogne-Billancourt, France, is set to list Ampere on the stock market and to prepare for this move, the assignment of De Meo as its CEO is needed. In addition, Renault revealed that the company's board of directors had formed an ad-hoc committee headed by Jean-Dominique Senard. The group's main function is to manage the planned initial public offering (IPO) of Ampere, as per Reuters.

"Thanks to work done in the Renault Group over the past 2 years, Ampere is about to hit the ground running, supported by unmatched assets from Day 1: one of the most integrated EV value chains in the industry, a pioneering approach to Software Defined Vehicle, and state-of-the-art engineering and manufacturing capabilities," Renault Group's CEO Luca de Meo said in a press release. "Combining the agility of a pure player with the strengths of an established OEM makes Ampere unique. Now, we go to execution mode. The more we focus the more obvious the opportunities become for Ampere to spearhead the shift to electric and software."

He added, "Targeting a 40% cost reduction in the generation of the next vehicle, setting tech and innovation at the core of Ampere's organization, delivering appealing products at the best price: this is all in line with our tradition to democratize technology and create value for our stakeholders."

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