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Renault Eyes Possible IPO for Separating Its EV Business

Jumat, 22 April 2022 | 15:51 WIB
Renault Eyes Possible IPO for Separating Its EV Business

ILUSTRASI. The logo of carmaker Renault is seen at a dealership in Paris, France, August 15, 2021. REUTERS/Sarah Meyssonnier

Sumber: Reuters | Editor: Thomas Hadiwinata

KONTAN.CO.ID - PARIS, April 22 (Reuters) - French carmaker Renault said on Friday that "all options are on the table" for separating its electric vehicle (EV) business, including a possible public listing in the second half of 2023.

Thierry Piéton, Renault's finance chief, said that any plans were subject to approval from its alliance partner Nissan, but made clear that the Japanese carmaker "is in the loop" as it weighs up its options.

Renault has been pushing ahead with plans to split its EV and combustion engine businesses as it seeks to catch up with rivals such as Tesla and Volkswagen. Ford said last month that it will run its EV business separately from its legacy combustion engine operations. 

The news came as Renault posted better-than-expected revenue for the first quarter, as higher prices and rising EV sales largely offset the impact of the war in Ukraine and an ongoing global shortage of semiconductors .

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Renault shares were up around 1% in early trading after its results announcement.

The group, which also produces Dacia and Lada brand vehicles, said on Friday its revenue fell by 2.7% from a year earlier to 9.748 billion euros ($10.6 billion). Analysts had expected revenue of around 9.61 billion euros, according to Refinitiv estimates.

Excluding the activities of Avtovaz and Renault Russia, revenue was down 1.1% at 8.9 billion euros.

Last month, Renault said it would suspend operations at its plant in Moscow while it assesses options on its majority stake in Avtovaz, Russia's No. 1 carmaker.  On Friday, the French carmaker said talks on the future of Russian operations were "ongoing and making progress."

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