PARIS -- Renault Group announced the team of executives who will run Ampere, its stand-alone electric vehicle business, ahead of a planned stock market listing.
The carve-out of Ampere, which will be led by Renault Group CEO Luca de Meo, became effective Nov. 1, Renault said Wednesday in a news release.
Renault plans a capital market day on Nov. 15 at which it will lay out its strategy for investors.
A listing of Ampere, initially pencilled in for this year but now expected in the first half of 2024, aims to extract more value from the company by giving investors more visibility and separating it from Renault's traditional combustion-engine business.
Renault’s alliance partner Nissan has said it will invest up to 600 million euros ($642 million) in Ampere. The two automakers finalized a revamped alliance on Wednesday that sees Renault reduce its holding in Nissan to 15 percent, from 43 percent.
Mitsubishi, which is controlled by Nissan, has said it will invest up to 200 million euros in Ampere.
Weaker electric vehicle demand, increased competition from China and market volatility are complicating the plans to list Ampere. Other recent EV-focused listings, including the Geely brand Polestar, have struggled after the start of trading.
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Luca de Meo, CEO of Renault Group, will also lead Ampere.
Ampere's management team will also include Josep-Maria Recasens as chief operating officer, Vincent Piquet as finance chief, Gilles Vidal as head of design, and Henry Bzeih, the new software head who joins from Microsoft.
Luciano Biondo, the head of Renault’s ElectriCity EV production center in northern France, is head of industrial operations. In all there will be 11 Ampere sites in France.
The company will have about 11,000 employees, of whom 35 percent are engineers, Renault said.
De Meo, who became CEO of Renault Group in July 2020, has laid out an ambitious plan for the company that includes splitting off EV operations into Ampere, setting up a joint venture with Geely to produce internal combustion drivetrains, building racing unit Alpine into a full passenger-car brand, and establishing a recycling and “circular economy” business unit.
He has also given the Dacia and Renault brands more autonomy and created the Mobilize mobility unit, which also includes Renault’s captive bank.
Reuters contributed to this report
Procede la ristrutturazione del gruppo Renault. Il 28% delle quote in Nissan è stato trasferito in un fondo e verrà ceduto sul mercato quando miglioreranno le quotazioni in borsa. Ampere (la divisione elettrica) verrà quotata in borsa nella primavera 2024 nonostante un ambiente borsistico molto sfavorevole. De Meo sta cercando di fare un matrimonio con i metaforici fichi secchi, sono piuttosto dubbioso.