The boss of Renault said the company’s new electric vehicle division could fetch an initial public offering price of up to €10bn when it floats in the first half of next year, as he hit out at the unrealistic valuations placed on recently listed EV start-ups.
Luca de Meo also warned Europe’s car industry is being held back by the region’s over-cautious investors, as mainstream carmakers struggle to compete with what he considered ridiculous valuations offered by US investors to lossmaking EV start-ups.
The French carmaker is spinning out its electric vehicle and software arm as a separate unit called Ampere, with plans to hold a European IPO in the first half of 2024.
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