The French carmaker Renault is pushing ahead with its restructuring in order to work around twice as profitably in the long term with a separation of the electric and combustion engine businesses. The electric car division will remain majority owned by the group, but will also be listed on the stock exchange to bring in money. After years with some existential problems and state aid in the Corona crisis, the company wants to pay out a dividend again from next year, as Renault announced on Tuesday in Boulogne-Billancourt near Paris.
CEO Luca de Meo (55) wants to increase the operating profit margin to over 10 percent by 2030. A good 5 percent is planned for this year. In 2025, the margin should be more than 8 percent.
the share
but could not inspire the announcements. The Renault share lost almost 5 percent in value in the meantime, but recovered somewhat by midday and was still 1.9 percent down at 31.05 euros. Investors lacked strategic details around the alliance With Nissan. Investors hoped that Renault could bring in a lot of money for the group restructuring with a possible sale of Nissan shares.
Electric car division to go public in the second half of 2023
As manager magazin already reported in October
, de Meo wants to split the business into five separate parts. The electric car and software division will be called “Ampere” and will go public in Paris in the second half of 2023 at the earliest. It is said to have around 10,000 employees in France produce one million electric cars by 2031. Ampere will primarily manufacture the new Renault 4 and 5 models in northern France.
The company has been working towards this for the past two years, said de Meo im Interview with manager magazine
. “We have to be able to take on the newcomers, just for example. We need our own unit for that.”
Renault wants to share half of the production of the combustion engines with the Chinese group Geely, which already owns the Volvo brand. Together they want to set up a branch called “Horse”, which will employ 19,000 people in Europe (Spain, Romania and Sweden), in China and South America to work.
Chip giant Qualcomm is to join Ampere
In addition to the electrical and software division and the drive technology, Renault is planning other units with their own control and their own balance sheets: A financial services and mobility services division, the luxury sports car brand Alpine and a company geared towards the circular economy. According to the information, Renault wants to retain a “strong majority” in the “Ampere” electronics business, which is planned for the stock market listing, but bring important investors such as the US chip giant Qualcomm on board. However, those involved reported that Qualcomm or Microsoft were not convincing
be.
The reorganization of the French company, in which the state and the Japanese carmaker Nissan each hold 15 percent, is intended to help finance the switch to electric cars. Renault also wants to restructure the Renault-Nissan-Mitsubishi alliance and reduce its stake in Nissan.
Despite expenses for the reduction of greenhouse gases, the carmaker still expects sales of 15 billion euros and annual growth of 4 percent until 2027 for the combustion engine branch.