On November 8, Renault announced the launch of their new EV (electric vehicle) business, named Ampere, and presented their new logo, as well as executive team. Ampere will function as a standalone business led by Renault's chief executive Luca de Meo, and Luciano Biondo as head of industrial operations.

Renault also announced planned stock market listing, andthe first investor day is to be held next Wednesday, November 15. The added value to the listing is provided by giving investors more visibility, as well as separating Ampere from the historic combustion engine business conducted by Renault. 

However, competition from China and market volatility pose complications for the new business, so the company plans to reduce cost of manufacture by 40% through 2027 by offering fewer models, and cutting costs at the conception and production stage.

Ampere intends to produce one million cars by 2031, offering 6 vehicle models, and aims to become a European leader in the EV market.

Source: reuters.com