Renault has scrapped plans to float its electric vehicle (EV) operation, Ampere.
The Paris-headquartered car manufacturer had planned to spin off the business in the first quarter of 2024.
But late Monday it said it considers the current equity market conditions are not met to optimally pursue the initial public offering (IPO) process in the best interests of Renault, its shareholders and Ampere.
"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 chief executive Luca de Meo.
The firm stressed the unit is "self-funding" and that it did not need the IPO to raise capital for the wider company.
Renault’s own cash generation has been stronger than expected, contributing to the decision, it added.
Renault will continue to fund the development of Ampere until the business reaches breakeven in 2025.