Renault gears up for €10bn electric car venture
The Megane electric car has a driving range of up to 450km. Renault is to engage on a massive electric car transformation.
Albertina Torsoli After clearing up record losses and a toxic partnership, Renault chief executive Luca de Meo is preparing his biggest bet on taking the French carmaker through the electric car transformation.
Investors will this week learn more about the planned initial public offering of Renault’s electric vehicle and software arm targeting an ambitious valuation of €8bn to €10bn. At an investors day today, Mr de Meo will pitch how he will overcome a difficult market for listings and catch up in the race for a European answer to Tesla and competition from Chinese manufacturers. “We are working hard for the IPO but I am not a kamikaze. I am not going to put it on the market at a discount,” Mr de Meo said.
