Zhitong Financial APP has learned that French carmaker RNLSY.USUnaffected by the recent market turmoilStick to its plan to list its Ampere electric vehicle business in the first half of next year
The company's CFO Thierry Pieton said on Thursday that this time may still be the "best time" for IPO. The company earlier reported lower-than-expected third-quarter earnings. At one point, the company's share price fell 6.6%.
AmpereAs we prepare to go public, the listing market is in a difficult time. The listed market has begun to come back to life before the poor IPO performance of chip designer Arm (ARM.US) and Birken shoe maker Birkenstock (BIRK.US). Tesla, Inc. has slashed prices and competition from cheaper Chinese cars due to lower-than-expected demand for its flagship electric car, the Megane E-Tech.AmpereThe listing has been postponed once.
RenaultThe car has been busy restructuring its troubled alliance with Japanese partner Nissan. The rebalancing agreement with Nissan is still expected to be completed in the fourth quarter.PietonIn a conference call with analysts, Renault was "free to sell" 28.4 per cent of Nissan once it was finalized.
Pieton said the move would allow Renault to "reallocate some of its capital in the best way", adding that the stake sale would be closely co-ordinated with Nissan.
Renault expects to launch 17 new models between now and 2025 to increase market share and gain momentum in the transformation of electric vehicles. Renault's sales rose 7.6% in the third quarter, due to improved pricing and strong demand for new models such as the Austral SUV. Austral sold about 21000 vehicles in the third quarter.
The company said orders in Europe, its main market, remained strong. However, as car buyers continue to cope with high inflation that erodes purchasing power, there are growing signs of market weakness. Volkswagen, another carmaker, said last week that orders for electric vehicles fell short of targets in the third quarter, forcing it to cut temporary workers and shifts at its German factories in recent weeks.