Renault continues to think about the possibility of turning its electric car unit into a separate business.
The French carmaker has been considering the move for some time, and speaking at its annual general meeting, Renault chief executive Luca de Mayo said the current idea is to create two separate entities, each with about 10,000 employees. He believes such a move would “correct the group’s assessment.”
“All the research and studies we’ve done have already confirmed the very strong potential of this operation,” DeMio told shareholders. He acknowledged that “all options are still on the table.”
Renault’s EV operations may be concentrated in France where its internal-combustion operations are based on foreign sites where many of its non-electrified vehicles have already been built. These include Spain, Portugal, Turkey, Romania, and the whole of Latin America.
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De Mio’s statement comes after the French carmaker apparently received several partnership offers for the combustion-engine business that it could build alongside an EV business. If Renault brings in its combustion-engine partners, it could raise funds for its EV expansion.
Auto News Renault could hold on to a 40 percent stake in its ICE business while retaining a majority stake in its electrical division, the report said. It is possible that EV Business may be listed through an IPO in the second half of 2023.
Renault’s interest in separating the ICE and EV business came shortly after Ford announced that it was doing the same thing, establishing Ford Blue to take stewardship of the F-150, Bronco, Mustang and other vehicles, while Ford will focus on the Model E company. Development of electric vehicles, platforms, software design and new technologies.