Renault considering separate bourse listing for electric vehicle assets - CEO (updated)
12/04/2022 18:02
(Adds details)
PARIS, April 12 (Reuters) - Renault RENA.PA Chief
Executive Luca de Meo said on Tuesday that the automaker's plans
to create a separate division for its electric (EV) assets could
eventually lead to a separate listing.
"This could mean a separate listing. This is a conditional,
this is precisely what we are reviewing," De Meo told a news
conference.
The plan to separate the combustion engines activity could
interest Nissan or long-term investors, he added.
De Meo wants to press ahead with plans to create separate
divisions for electric (EV) and combustion engine vehicles
despite potentially costly uncertainty over its interests in
Russia, three sources told Reuters last week. urn:newsml:reuters.com:*:nL5N2W52QS
Playing catch-up with rivals like Tesla TSLA.O and
Volkswagen VOWG_p.DE , the French automaker first outlined its
strategy shift in February, days before Russia's invasion of
Ukraine, saying its turnaround plan was ahead of schedule.
De Meo on Tuesday said Renault was "very confident" to
deliver on its turnaround plan as it was financed despite the
impact of the Russian assets suspension.
The war in Ukraine has resulted in Western powers imposing
extensive sanctions against Russia, leaving Renault, majority
owner of Russia's biggest carmaker Avtovaz AVAZ.MM , faced with
what de Meo has called a "very complex situation".
(Reporting by Gilles Guillaume, Dominique Vidalon
Editing by GV De Clercq and David Evans)
((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))