© Reuters. FILE PHOTO: The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo
(Reuters) – Renault (EPA:) on Wednesday announced the official launch of its new electric vehicle business, Ampere, unveiling its new logo as a standalone business and the full lineup for its executive team ahead of a planned stock market listing.
Ampere said the effective date for its carve-out was on Nov. 1 and confirmed the business will be led by Renault’s chief executive, Luca de Meo, with Luciano Biondo as head of industrial operations.
Renault is due to hold a first investor day for Ampere next Wednesday.
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 historic combustion engine business.
But weaker electric vehicle (EV) demand, increased competition from China and market volatility are complicating the plans to list its EV business.
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 joining the French carmaker from Microsoft (NASDAQ:).
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