Capital Economy, Business and Finance
Renault boss Luca de Meo once described the French carmaker’s electric vehicle division as the European rival to “Tesla and the Chinese”, according to the FT, telling the newspaper last year that it could be worth up to €10 billion on a European listing – almost as much as the company’s total market value. Those dreams are over. Renault has cancelled plans to list its EV division, called Ampere, blaming “market conditions” as EV sales slow worldwide and the IPO market remains flat. Renault’s investors backed the decision: shares rose as much as 5 per cent on Tuesday morning. Turns out it’s pretty hard for European EV carmakers to compete with Tesla and the Chinese.