The board of directors of the French automobile manufacturer Renault has entrusted this Monday to its general director, Luca de Meo, the reins of its new electrical subsidiary, Ampere.
Luca de Meo “will ensure the launch of the company and the success of its IPO project, while maintaining his current responsibilities as CEO of Renault,” the group said in a statement.
Ampere must bring together the electrical activities of the group, that is, 10,000 employees in France. This subsidiary will produce, in particular, the electric Mégane and the future electric Renault 5, Renault 4 and Scénic in Hauts-de-France.
Its goal is annual growth of more than 30% over the next eight years, as the European automotive market becomes electrified.
expensive electric twist
“Luca de Meo’s success in the recovery of the Renault Group gives us a lot of confidence for the future,” said Jean-Dominique Senard, Chairman of the Renault Board of Directors. “He is in the best position to drive Ampere’s operational success, which is crucial for the group, and to ensure its future growth in a changing mobility sector,” added Jean-Dominique Senard.
The group intends to list Ampere on the Paris Stock Exchange at the earliest in the second half of 2023 and thus finance its expensive electrical switch.
Like Ford’s Blue subsidiary, this entity aims to be as attractive to investors as Tesla or the Chinese BYD group.
Renault’s partners in the Alliance, Japan’s Nissan and Mitsubishi, have already confirmed that they will invest in Ampere.
However, Renault intends to maintain a strong majority in the subsidiary because it is “the future of the brand”, 100% electric in Europe in 2030, the group’s financial director, Thierry Piéton, stressed at the end of 2022.
The entity will also be responsible for the supply of batteries and the design of the software installed in the cars, in partnership with Google and Qualcomm, the American electronic chip giant, which should take a small part of Ampere.
Source: BFM TV
