Groupe Renault plans to list its electric car business separately next year, Chief Financial Officer Thierry Pieton said.
Pieton believes that the spin-off of the Electric Vehicle business will bring greater efficiencies to the business.
“Our first goal is first and foremost to continue to run the business better with a dedicated team with a dedicated business model and dedicated allocation of capital and this is what we are focusing on,” he said on an earnings call on Friday. “The team is very engaged in making it happen.”
No final decision has been made on how the split will proceed. “At this point, all options are still being considered, from simply providing separate [financial] numbers to a full-blown IPO of electric vehicles,” Piton said.
Renault announced in February that it planned to spin off its combustion engine business.
“We’ve had a lot of interest from partners since we made the announcement,” Pieton said. “That project is moving quite significantly.”
He did not comment on potential partners, but longtime engine partner Mercedes-Benz recently outsourced the development of some of its engines to shareholder Geely. Renault is also working with Geely in South Korea and China.
Groupe Renault is the latest to announce plans to restructure its business as it transitions its Renault brand to sell electric vehicles in Europe from 2030.
In March, Ford announced it was splitting its business into three segments, with Ford Blue focusing on combustion engine vehicles, Ford Pro focusing on commercial vehicles and Ford Model E focusing on electric vehicles. These divisions will eventually report separate financials, rather than being listed separately.
The trend to restructure cars also led the Volkswagen Group to announce an initial public offering of its Porsche division earlier this year.
Pieton drew analogies between the planned divisional separation and football supporters. “We want teams to be more focused. We want them to wear the jersey of the teams they support,” he said.
Alliance partner Nissan is being consulted on possible changes.
“Absolutely Nissan is in the loop with the announcement,” Pieton said, without going into more detail. “We can’t comment how Nissan will participate, but clearly it’s something we’re working on together.”
Renault is considering selling some of its stake in Nissan to raise money to finance its electrification transition, Bloomberg reported on Friday, citing unnamed sources.
Renault last year sold its 1.5 percent stake in Daimler, which has since changed its name to Mercedes-Benz AG.
Electric cars: Six of today’s cheapest electric cars — and how far they can go.
Electric cars are cheap alternatives to petrol and diesel cars, but their low running costs are often accompanied by high upfront costs. With fuel prices stubbornly high, now is the perfect time to invest in a low-emission electric vehicle, but what’s the cheapest model on the market right now? How far can they go before charging?
Motorists across the UK have been battling record-breaking fuel prices for weeks, with no end in sight for those struggling to afford petrol and diesel costs.
Electric cars are a cheaper option when driving a vehicle, with electricity rates currently as low as 6.3p per mile for some models.
Those tempting prices are enough to entice anyone to switch to an electric vehicle, but which models are the cheapest?
Smart EQ ForFour
Carwow offers the four-door Electric Vehicle starting at £18,806 with a range of up to 78 miles between charges.
This small but functional design is perfect for urban areas, although the impressive four-passenger capacity for rear-seat passengers may be a bottleneck.
Smart EQ ForTwo
It’s an ideal Electric Vehicle for busy cities, as its compact size makes it an easy companion for a person or two.
Surprisingly, the small Electric Vehicle is more expensive than the Smart EQ ForFour model, which retails for around £22,159.
Despite its compact design, the Smart EQ ForTwo can travel 70 to 80 miles continuously before the battery needs to be recharged.
The Vauxhall Corsa-e shares many of the same components with the Peugeot e-208, as the Peugeot and Vauxhall brands are owned by the same parent company.
The Corsa-e is slightly more expensive than the Peugeot, but comes with more equipment.
The electric model has a battery range of up to 222 miles, and the Carwow price starts at £25,387.
The Leaf is one of the most popular electric cars sold in the UK, and there are two options when buying the latest model.
The easiest way to make a choice depends on how far you want to drive the car, although both models are easy to drive and come with a good safety package.
Carwow offers this model starting at £24,191, or £299 a month for 48 months.
Seat Mii Electric
With the Mii Electric model, Seat has created a compact and refined car with a battery range of up to 160 miles.
The stylish car can be purchased through Carwow for £314 a month with a four-year financing deal.
The Mii has more than twice the range of the Smart model and is more spacious.
According to Carwow, the Zoe model is the cheapest electric car Renault offers, although the Twizy tops the list more as a “four-wheeler.”
The Renault Zoe model with a battery range of up to 245 miles is currently available for £26,746 via Carwow.
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