Renault CEO Luca de Meo to Lead Ampere EV Subsidiary

Renault, the French carmaker, has announced the appointment of Luca de Meo, its group chief executive, as the future chairman and CEO of Ampere, the electric vehicle division. Renault plans to list Ampere on the stock market and has established an ad-hoc committee, led by Jean-Dominique Senard, to oversee the potential initial public offering (IPO) of Ampere.

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Renault is optimistic about Ampere's prospects, expecting it to achieve profitability by 2025 and break even on free cash flow by then. Furthermore, Renault envisions Ampere to achieve a double-digit operating profit margin by the end of the decade.

This move is part of de Meo's strategic restructuring of Renault to enhance its competitiveness in the electric vehicle (EV) and software-defined car markets. De Meo aims to secure funds for EV development and narrow the gap between Renault and larger competitors like Stellantis. The company's revamp includes merging its legacy combustion-engine assets with Geely into a division called Horse, while Ampere will be listed separately.

Renault expects Ampere to achieve profitability by 2025

Notably, Nissan has expressed its commitment to acquiring up to 15 percent of Ampere, and Mitsubishi Motors, Renault's junior alliance partner, is also considering an investment. Qualcomm, the leading smartphone processor manufacturer, will also provide support to the business.

“Ampere is about to hit the ground running, supported by unmatched assets from Day 1: one of the most integrated EV value chains in the industry, a pioneering approach to Software Defined Vehicle, and state-of-the-art engineering and manufacturing capabilities,” de Meo said on Monday.

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The automotive industry is rapidly transitioning to EVs, and 2026 has emerged as a pivotal year that will accelerate the adoption of electric vehicles and drive automotive electrification trends. Ampere has set ambitious targets, aiming for a 30 percent compound annual growth rate until 2030 and a 40 percent reduction in costs per vehicle when the next generation of vehicles begins production in 2027.