BOULOGNE-BILLANCOURT (dpa-AFX) - Renault SA (RNSDY.PK, RNSDF.PK, RNT.L), a French auto major, said on Wednesday that its new EV unit Ampere expects to post a revenue of over 10 billion euros in 2025, to reach more than 25 billion euros in revenue for 2031.
This translates into a 30 percent average annual growth of revenues between 2023 and 2031.
The new firm aims for an IPO in the first-half of 2024, provided favorable market conditions.
Ampere expects to achieve its target of around 1 million vehicles in 2031.
Thierry Pieton, CFO of Renault, said: 'Ampere provides a low-risk and high return financial profile with the ambition to reach breakeven point in 2025 (both in operating margin and in free cash flow) and targets an operating margin above 10% from 2030 onwards.'
The product line-up of seven vehicles by 2031 includes, Megane E-Tech, Scenic E-Tech, Renault 5, Renault 4, Legend, and two additional vehicles.
Ampere, which carved out from the Group on November 1, is an electric vehicles or EVs and software company focused on the production of electric passenger cars under the Renault brand in Europe.
Nissan Motor Co Ltd. (NSANF.PK, NSANY.PK) and Mitsubishi Motors Corp. (7211, MMTOF.PK), the first cornerstone investors are investing a total of up to 0.8 billion euros in Ampere.
Besides this, Qualcomm Technologies is also considering for an investment.
However, Renault will keep a strong majority in Ampere's capital.
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