PARIS (Reuters) – Renault on Monday said it had decided to cancel the IPO of its electric vehicle unit Ampere as stock market conditions are not optimal for the listing to be in the best interests of the group, its shareholders and Ampere.
It added in the statement that the team at Ampere is fully committed to executing its strategy and building its track-record and that the Renault Group will continue to fund the development of Ampere until it reaches break-even in 2025.
“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,” said Luca de Meo, CEO of both the Renault Group and Ampere.
(Reporting by Gilles Guillaume, Charlotte Van Campenhout; editing by David Evans and Sharon Singleton)
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