Renault Cancels Plans to List Ampere EV Unit, Shares Jump
French car maker Renault sees shares rise after scrapping IPO for its electric vehicle and software business.
Renault Cancels IPO for Ampere Unit
Renault shares soared 5% in early trading on Tuesday after the company announced its decision to cancel the initial public offering (IPO) for its Ampere unit. The Ampere unit, previously positioned as a rival to Tesla and Chinese EV makers, was expected to raise 10 billion euros. This move by Renault comes as a surprise to the market.
Share Price Reaction
Renault's share price initially rose by 5.13% at the market open on Tuesday before settling at a 1.7% increase by 8:30 a.m. London time. The cancellation of the Ampere IPO has prompted positive investor sentiment towards Renault, leading to the share price surge.
Ongoing Updates
As this is a developing news story, further updates and information regarding Renault's decision to cancel the Ampere IPO are expected. This move has generated significant interest within the automotive industry and the market will continue to monitor Renault's future plans for its electric vehicle and software business.
