Renault Cancels IPO for Electric Vehicle Business Amid Slump in Demand

Despite the IPO cancellation, Renault plans to continue funding Ampere until it reaches break-even in 2025.

Renault has cancelled its plans to list its electric vehicle business, Ampere, on the stock market due to slowing demand and a lack of investor interest.
CEO Luca de Meo had previously described Ampere as Europe’s answer to Tesla, and its success was seen as crucial to Renault's turnaround.
Renault's decision comes amid a slump in EV demand in Europe and the UK, with consumers balking at high prices and unevenly-spread charging networks.
Despite the cancellation of the IPO, Renault plans to continue to fund Ampere until it reaches break-even in 2025.
Renault's shares jumped 5% after the announcement of the cancellation of the IPO.