Renault is preparing to float its nascent electric vehicle (EV) subsidiary Ampere on the public markets early next year.
The car maker said in a note prepared for its capital markets day that the listing will take place in the first half of 2024.
It is aiming to raise approximately €8 billion to €10 billion in capital from the initial public offering (IPO).
"Part of the proceeds (from the IPO) is already secured with the investments agreed by our investors: Nissan and Mitsubishi Motors invest a combined of up to €0.8 billion in Ampere," Renault Group’s chief executive officer Luca de Meo, who is also the CEO of Ampere, said in the note.
"Qualcomm Technologies is also considering investing."
Renault launched Ampere as part of its Renaulution strategy to specialise in developing EVs and related software.
The car maker said the company draws on the work of more than 11,000 people across the brand, more than a third of whom are engineers.
Renault is targeting sales growth of 30% each year through to 2031 from its new EV subsidiary, by when it hopes to achieve more than €25 billion in sales through steady cost reductions.
Ampere’s revenues are expected to grow to €10 billion in 2025 through the roll-out of four vehicle lines, and again to more than €25 billion in 2031 with seven vehicles, according to the note.
Renault forecasts an operating margin of over 10% from 2030 for the EV company.
“Ampere will be able to gradually reduce vehicle prices while improving margins,” said the group’s CEO.