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Renault considers 2023 listing for electric vehicle unit

French carmaker Renault is considering listing on the stock exchange of its electric vehicle unit next year, as part of a plan to split the company in two.

It announced in February that it intends to create separate units for EV models and combustion engines in February. As part of the presentation of results on Friday, CFO Thierry Python said one of the options being considered is a full listing of the electricity business in the second half of 2023.

“We’re looking at everything from [publishing separate] Numbers[for the two units]. . . For a full IPO, “he said.

Volvo Cars and Ford have both announced that they will separate their electric and non-electric businesses as electric vehicle sales rise and the industry is considering what to do with previous-generation combustion engine operations.

Renault said on Friday that it had had a “huge interest” in its combustion engine business from “partners” since the announcement of its planned split.

It also said discussions about Get out of her business in Russia Were “advanced.” It owns 68% of Autobaz, Russia’s largest carmaker, and the country is Renault’s second-largest market after France.

Renault announced last month that it would leave the country following the invasion of Ukraine.

“I wish I could give you more details,” Python told investors Friday. “This is an ongoing discussion with the authorities in Russia and it is progressing.”

In the first three months of the year, Renault’s revenue fell 2.7% to € 9.75 billion, which was not as bad as expected. Persistent shortage of semiconductors.

She predicts it will cause a production hit of 300,000 vehicles this year, most of them in the first half. Car sales fell 17% in the quarter to 552,000, while in Russia they fell by a third.

Revenues from Russia fell by 15%, below one billion euros, in the quarter following the cessation of production at Renault Welda plants in the country. Avtovaz accounted for 527 million euros out of 900 million euros that the company recorded in sales from the country.

A third of all cars sold in the three months were electric or hybrid, and the group said it gives preference to electric and low-carbon models with the chips it is able to guarantee.

It will hold a capital market day in the fall to update its long-term turnaround plan following the loss of the second-largest market and the problems caused by the shortage of semiconductors.

Renault considers 2023 listing for electric vehicle unit Source link Renault considers 2023 listing for electric vehicle unit

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