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French automaker Renault Group (OTC:RNSDF) (OTC:RNLSY) on Monday said that it has decided to call off the initial public offering (IPO) of its European EV and software arm Ampere, given current stock market conditions.
What Happened: Renault was previously eyeing for Ampere to go public in the first half of 2024. However, the company now intends to continue funding the development of Ampere until it reaches breakeven in 2025, it said in a statement.
The company added that its 2023 results prove its ability to generate sustainable cash flow for future operations including Ampere without the IPO.
“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," Renault and Ampere CEO Luca de Meo said.
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Future Focus: Ampere will now focus on reducing EV cost by 40% and on upcoming vehicle launches including the Scenic, Renault 4, Renault 5, Twingo, and 2 additional cars.
Renault did not immediately respond to Benzinga‘s request for comment on investments that might be at stake due to the cancellation of the IPO.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Image by Ivan Radic via Flickr
