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Renault targets spring 2024 IPO for electric vehicle unit Ampere

Alexander Migl, CC BY-SA 4.0 , via Wikimedia Commons

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Renault CEO Luca de Meo has noted that the company’s electric car business, Ampere, will be spun off from the rest of the company on November 1, 2023. The estimated date for Ampere’s initial public offering is spring 2024. 

While Ampere will be a separate legal entity from the Renault Group following its IPO, the electric vehicle unit will remain 100% owned by Renault. The Renault CEO did not provide an exact date for Ampere’s IPO, though he noted that the company will see if the conditions are right to enter the market. 

“So we separate, and then we see if we have the right conditions to enter the market,” de Meo said. The CEO also noted that Renault’s top management wants to ensure some flexibility for the IPO’s date. As noted in an electrive report, however, an investor for the IPO had already been identified, with alliance partner Nissan expected to invest 600 million euros in Ampere.  

The Japanese automaker is expected to get a seat on Ampere’s board with its investment, but it will receive less than 10% of Ampere shares. De Meo will become the CEO of Ampere, and the management team will include Josep Maria Recasens as COO and Vincent Piquet as CFO. Ampere will have around 10,000 employees, one-third of whom will be engineers. The company will develop electric drives and software-defined vehicles.

The impending launch of Ampere shows that Renault is making a serious push into the electric vehicle sector. With Ampere in the picture, Renault is expected to usher in a reduction of costs for the company’s next-generation of electric cars. Ampere has other ambitious targets, such as an annual revenue growth rate of 30% by 2030. 

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Ampere is also looking to become profitable by 2025 and attain double-digit margins by the end of the decade. If Ampere performs as expected, the automotive sector could gain another strong player in the rapidly expanding EV market, benefitting consumers. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads-up. 

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Tesla bear turns bullish for two reasons as stock continues boost

“I think from a trading perspective, it looks very interesting,” Nathan said, citing numerous signs of strength, such as holding its 200-day moving average and holding against its resistance level.

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Credit: Tesla Manufacturing

A Tesla bear is changing his tune, turning bullish for two reasons as the company’s stock has continued to get a boost over the past month.

Dan Nathan, a notorious skeptic of Tesla shares, said he is changing his tune, at least in the short term, on the company’s stock because of “technicals and sentiment,” believing the company is on track for a strong Q3, but also an investment story that will slowly veer away from its automotive business.

“I think from a trading perspective, it looks very interesting,” Nathan said, citing numerous signs of strength, such as holding its 200-day moving average and holding against its resistance level.

He also said he believes a rally for the stock could continue as it heads into the end of the quarter, especially as the $7,500 electric vehicle tax credit is coming to an end at the end of the month.

With that being said, he believes the consensus for Q3 deliveries is “probably low,” as he believes Wall Street is likely underestimating what Tesla will bring to the table on October 1 or 2 when it reports numbers for the quarter.

Tesla shares are already up over five percent today, with gains exceeding nine percent over the past five trading days, and more than fourteen percent in the past month.

While some analysts are looking at the performance of other Mag 7 stocks, movement on rates from the Federal Reserve, and other broader market factors as reasoning for Tesla’s strong performance, it appears some movement could be related to the company’s recent developments instead.

Over the past week, Tesla has made some strides in its Robotaxi program, including a new license to test the platform in the State of Nevada, which we reported on.

Tesla lands regulatory green light for Robotaxi testing in new state

Additionally, the company is riding the tails of the end of the EV tax credit, as inventory, both new and used, is running extremely low, generally speaking. Many markets do not have any vehicles to purchase as of right now, making delivery by September 30 extremely difficult.

However, there has been some adjustments to the guidelines by the IRS, which can be read here:

Tesla set to win big after IRS adjusts EV tax credit rules

Tesla is trading at around $389 at 10:56 a.m. on the East Coast.

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Tesla lands regulatory green light for Robotaxi testing in new state

This will be the third state in total where Tesla is operating Robotaxi, following Austin and California.

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Credit: Tesla

Tesla has landed a regulatory green light to test its Robotaxi platform in a new state, less than three months after the ride-hailing service launched in Texas.

Tesla first launched its driverless Robotaxi suite in Austin, Texas, back on June 22. Initially offering rides to a small group of people, Tesla kept things limited, but this was not to be the mentality for very long.

It continued to expand the rider population, the service area, and the vehicle fleet in Austin.

The company also launched rides in the Bay Area, but it does use a person in the driver’s seat to maintain safety. In Austin, the “Safety Monitor” is present in the passenger’s seat during local rides, and in the driver’s seat for routes that involve highway driving.

Tesla is currently testing the Robotaxi platform in other states. We reported that it was testing in Tempe, Arizona, as validation vehicles are traveling around the city in preparation for Robotaxi.

Tesla looks to make a big splash with Robotaxi in a new market

Tesla is also hoping to launch in Florida and New York, as job postings have shown the company’s intention to operate there.

However, it appears it will launch in Nevada before those states, as the company submitted its application to obtain a Testing Registry certification on September 3. It was processed by the state’s Department of Motor Vehicles Office of Business Licensing on September 10.

It will then need to self-certify for operations, essentially meaning they will need to comply with various state requirements.

This will be the third state in total where Tesla is operating Robotaxi, following Austin and California.

CEO Elon Musk has stated that he believes Robotaxi will be available to at least half of the U.S. population by the end of the year. Geographically, Tesla will need to make incredible strides over the final four months of the year to achieve this.

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Tesla is improving this critical feature in older vehicles

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Credit: Tesla

Tesla is set to improve a critical feature that has not been present in older vehicles with a new update.

Tesla vehicles feature a comprehensive suite of driver assistance features, some of which aid in driving itself, while others support the vehicle’s surroundings.

One of those features is that of Driver Visualization, and with the rollout of a new update, owners of Intel-based Tesla vehicles are receiving an upgrade that will come with a simple software update.

Tesla plans to use Unreal Engine for driver visualization with crazy upgrade

The update will provide new visualizations while Intel-based vehicles are in reverse, a feature that was not previously available, but will be with Software Update 2025.32.2.

The improvement was spotted by Not a Tesla App via TheBeatYT_evil:

Previously, vehicles Tesla built were equipped with Intel-based processors, but newer cars feature the AMD chip, which is capable of rendering these visualizations as they happen. They were capable of visualizations when driving forward, but not in reverse, which is what this change resolves.

It is a good sign for those with Intel-based vehicles, as Tesla seems to be paying attention to what those cars are not capable of and improving them.

This was an undocumented improvement associated with this particular update, so you will not find any mention of it in the release notes that Tesla distributes with each update.

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