Renault is aiming for a roughly 10 billion euro ($10 billion) valuation for the electric-vehicle business the French automaker is carving out as a stand-alone entity, according to a person familiar with the matter.
The company is preparing the EV and software entity for a potential initial public offering on the Euronext Paris exchange sometime next year, said the person, who asked not to be identified because the information is private and plans could still change.
The carveout of the entity, dubbed Ampere, is part of an overhaul that CEO Luca de Meo will present to investors next week. The split of the EV business from Renault's traditional combustion-engine operations comes as the maker of the Zoe and Clio seeks to navigate a difficult transition to EVs as a possible recession looms in Europe.
Renault will brief investors about its revamp plans, which are still being finalized, during a capital markets day on Nov. 8.
A spokesperson declined to comment.
Ampere's carveout has been at the heart of talks between Renault and Japanese partner Nissan as the two companies seek to reshape a two-decade-old alliance.
