French automaker Renault is planning to list its new electric car unit on the stock market in the second half of 2023 "at the earliest", news agency AFP reported.
Renault also said it will be combining its internal combustion engine activities in a new "50-50 entity" with China's Geely that will employ 19,000 across three continents, the report mentioned.
The new entity will employ around 10,000 staff in France and produce the R5 and 4L electric vehicles in the north of the country, the car maker said as it outlined the revamp for investors.
The electric vehicle market is expected to grow rapidly in response to consumers' worries about climate change, putting pressure on manufacturers to develop less polluting products.
Renault said it plans to invite investment in Ampere but would remain the majority shareholder with “the support of potential strategic cornerstone investors.”
Renault also intends to combine its technological, manufacturing and research and development activities for its hybrid and internal-combustion vehicles with Chinese automaker Geely in a new entity, “Horse.”
(Edited by : Anshul)
First Published: Nov 8, 2022 1:40 PM IST
