AMPERE

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• Renault says combining electric cars and software in one company will 'democratize' EVs for Europe

  The company envisions a "software-driven car" by 2026 based on an overarching software package that can be used for different electric car models and combines scattered processors in a central architecture that remains constantly connected to computer networks, or "the cloud." That will enable over the air software updates and customer retention for servicing the vehicle, the company said at an investor day presentation Wednesday. The result should be a 40% cost reduction in production costs by 2027-28 for the successor models to its Megane E-Tech and Scenic E-Tech.

  

• Renault won't ago ahead with Ampere IPO if valuation too low: CEO

  The group set out financial targets for the unit, including an expected break-even in 2025 and an operating margin of at least 10% from 2030, ahead of an investor day where it hopes to drum up support for an initial public offering slated for spring 2024. The plan has been complicated by slower demand for EVs, choppy markets and increased Chinese competition, with sources close to the deal telling Reuters last month CEO Luca de Meo's hoped-for valuation of 8 to 10 billion euros looked over-ambitious.

  

• What you need to know about Ampere, Renault's EV unit

  Having pioneered the market for first-generation electric vehicles with its long-time ally Nissan in the early 2010s, Renault has recently fallen behind pure players like Tesla and Chinese manufacturers as global competition for greener vehicles has picked up. Here's what you need to know about Ampere, a major plank of Renault's turnaround strategy, which is poised for a market listing next year.

  

• Renault Group and Nissan frame new chapter of their Alliance

  Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations.

  

• Mitsubishi Motors to invest up to 200 mn euros into Renault's new EV unit

  Like other Japanese automakers, Mitsubishi has struggled in China, the world's biggest car market, where it has faced fierce competition from local rivals that have aggressively won market share with battery-powered vehicles.

  

• Nissan to invest up to 600 mn euro in new Renault EV unit

  Nissan and Renault on Wednesday finalised the terms of their revamped alliance, with the Japanese automaker committing to invest up to 600 million euros ($663 million) in its partner's electric vehicle unit Ampere. The agreement to conclude the terms of their overhauled partnership will put the two automakers on more equal footing and caps months of sometimes tense negotiations over issues such as the sharing of future intellectual property.

  

• Readily Mobility to provide aftersales service to Ampere 2W fleet customers

  Readily Mobility will cater to Ampere's fleet of vehicles, to ensure their smooth operations, minimal downtime, and maximum business efficiency, the company said.

  

• Nissan to invest some USD 725 mln in Renault's EV unit

  Nissan Motor plans to invest around 100 billion yen (USD 725 million) in Renault's new electric vehicle unit, Ampere, in an effort to reshape their alliance. Nissan and Renault anticipate Ampere's enterprise value to range between 8 to 10 billion euros.

  

• Greaves’ Ampere electric scooter sales exceed 2 lakh units in India

  Ampere's growth in the EV segment can be attributed to its diverse range of products and its extensive pan-India dealer network spanning across Tier 1 to Tier 4 markets, the company said.

  

• Renault CEO says free float of future electric unit will be less than 10%

  Renault's CEO, Luca De Meo, said that a significant portion of the French car manufacturer's future electric vehicle unit, Ampere, could be left in free float on the stock market. This would allow the company to keep a "significant majority" of shares itself but give minority shareholders enough to maintain liquidity. De Meo confirmed that the plan to list the unit would take place by the end of 2023.

  

• Nissan shareholders back board at first AGM since striking alliance deal

  The shareholder meeting has taken place amid new ructions for the automaker's management. Nissan is investigating claims that Uchida carried out surveillance of deputy Ashwani Gupta, sources have said. Gupta has left the company as of Tuesday.