France’s Renault to list electric car unit on stock market

France’s Renault to list electric car unit on stock market

French automaker Renault plans to list its new electric car unit on the stock market in the second half of 2023 “at the earliest,” it outlined in a major reorganization on Tuesday.

In a statement, 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.

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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.

The European Union last month agreed to phase out new CO2-emitting vehicles by 2035, a move set to turbo-charge the production of electric prototypes on the continent.

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