- Ronaldo scores 133rd Portugal goal in Nations League win over Poland
- 40 nations contributing to UN Lebanon peacekeeping force condemn 'attacks'
- Eight dead as heavy rain thrashes Brazil after long drought
- Jewish school in Canada hit by gunfire for second time
- Morocco crush Central African Republic, Guirassy scores hat-trick
- Dupont scores quickfire hat-trick on Toulouse Top 14 return
- Ronaldo scores in Portugal's Nations League win as Spain sink Denmark
- Interim boss Carsley has not applied for England job
- Mets hurler Senga ready to take on Dodgers in game one of NL Championship Series
- Ronaldo on target again as Portugal defeat Poland in Nations League
- Guardians rip Tigers 7-3 to advance in MLB playoffs
- AFP, BBC win top French war reporting awards
- Carsley goes back to basics as humbled England face Finland
- Alex Salmond: the man who took Scotland to the brink of independence
- Scotland's former leader Alex Salmond dies aged 69: party
- UN warns of catastrophe as Israel fights a two-front war
- Croatia extend Scotland's losing streak
- South Africa, New Zealand boost T20 World Cup semi-final hopes
- 'Very challenging': Israel faces Hezbollah in tricky terrain
- Farrell begins to feel at home as Racing 92 beat Toulon
- South Africa boost T20 World Cup semi-final hopes with Bangladesh win
- Samson ton powers India to T20 series sweep after record total
- Djokovic to face Sinner in Shanghai final with 100th title in sight
- UN peacekeepers to remain in Lebanon: spokesman
- Pro-Conquest film fuels debate in Mexico over colonial legacy
- Samson ton powers India to record 297-6 in Bangladesh T20
- New Zealand enjoy perfect start to America's Cup defence over Britain
- Pogacar emulates icon Coppi with fourth straight Il Lombardia triumph
- UN warns against 'catastrophic' regional conflict
- New Zealand crush Ineos Britannia in America's Cup opener
- Djokovic to face Sinner in blockbuster Shanghai Masters final
- With medical report Harris seeks to play health card against Trump
- Sri Lanka seeks to match success in W.Indies T20s
- Sinner reaches Shanghai final, will end year number one
- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Sabalenka downs Gauff in three sets to reach Wuhan final
- Israel warns south Lebanon residents to 'not return'
- Sinner tames Machac to reach Shanghai Masters final
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- Hezbollah fires at Israel as wars rage on Yom Kippur
- Analysts warn more detail needed on new China economic measures
- China tees up fresh spending to boost ailing economy
- China says will issue special bonds to boost ailing economy
- China offers $325 bn in fiscal stimulus for ailing economy
- Dodgers drop Padres 2-0 to advance in MLB playoffs
- Alexei Navalny wrote he knew he would die in prison in new memoir
- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
Renault slams brakes on listing of Ampere EV division
French automaker Renault said Monday that it was halting the initial public offering of its EV unit Ampere, saying market conditions were unfavourable to list the company's shares.
In a sweeping overhaul unveiled in 2022, Renault decided to split off its electric vehicle unit into Ampere, hoping that running it as a separate company would make it more agile in the rapidly developing sector.
Ampere launched in November 2023 and plans were to list the unit's shares on the stock exchange in the first half of 2024 at an estimated valuation of eight to 10 billion euros, or as much as Renault.
Although leading European and US stock indices are flirting with record highs, the carmaker said it was pulling the IPO.
"Renault Group considers that the current equity market conditions are not met to optimally pursue the IPO process in the best interests of Renault Group, its shareholders and Ampere," the company said.
"Therefore, considering both current equity market conditions and stronger cash generation, Renault Group has decided to cancel the Ampere IPO process," it added.
While Renault chief executive Luca de Meo said at the end of last year that the IPO was intended to bring in fresh money to fund development, the company said Monday that its strategic plan was self-funded and that its 2023 results would show that it could generate sufficient cash flow to finance Ampere's development.
The company pointed to its recent improved performance.
"It offers the group greater flexibility and all the freedom of action it needs," Renault said.
The carmaker has ambitions plans for Ampere, aiming for it to sell around 300,000 vehicles in 2025 and one million in 2031, or about half the number the automaker sold throughout the world in 2022.
Renault also plans for Ampere to become profitable in 2025.
The carmaker said the cancellation of the IPO would have no impact on its financial outlook or investment plans.
Y.Aukaiv--AMWN