Daily Management Review

Renault postpones IPO of its electric vehicle division


The upcoming initial public offering (IPO) of Renault Group's Ampere electric vehicle division has been postponed.

Ivan Radic
Ivan Radic
Thierry Pieton, the company's CFO, made the declaration at a conference to update its 2023 financial projection.

“We anticipate the Ampere spin-off to be finalized in the second half of this year, and we'll keep an eye out for the best window for an IPO, which is probably going to be in the first half of 2024,” Mr. Pieton said.

The Renault group's projection for 2023 has been dramatically raised. The group's operating margin is now anticipated to be 8%, up from the company's prior expectation of 6% and analysts' forecast of 6.2%. Compared to earlier projections, the free cash flow from operations in the automotive sector should increase to €2.5 billion from €2 billion. The company's stock increased 5.7% as a result of better forecast.

source: reuters.com