Renault eyes possible IPO for EV business

STORY: Renault is open to launching an IPO for its electric vehicle business.

The French carmaker said Friday (April 22) that all options are on the table - with late 2023 a possible date for a listing.

Renault said any plans needed approval from its alliance partner - Japanese automaker Nissan.

The company has pushed ahead with plans for a split, as it tries to catch up with heavyweight rivals Tesla and Volkswagen.

It would also follow last month’s decision by U.S. carmaker Ford’s to run its EV business separately.

The news came as Renault posted better-than-expected revenue for the first quarter.

Higher prices and rising EV sales have largely offset the impact of the war in Ukraine and a global shortage of semiconductors.

Its revenue fell by 2.7% from a year earlier to $10.6 billion - a smaller drop than analysts expected.

Quarterly sales of 552,000 were the lowest since the global financial crisis in 2009.

But in a brighter sign, sales of EVs and hybrids rose by more than a tenth and made up 36% of total sales.

J.P. Morgan analysts called it a ‘strong quarter’ for Renault.

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