© Reuters. FILE PHOTO: Renault’s logo seen on the boot of the new and advanced Kwid car at a launch event in New Delhi, India, January 9, 2024. REUTERS/Sahiba Chawdhary/File Photo
PARIS (Reuters) -Renault shares rose as much as 4.5% in early session trade on Tuesday after the company ditched plans to list its electric vehicle business Ampere because of sluggish stock market conditions.
Renault (EPA:) on Tuesday said it had enough cash to do without the stockmarket listing and would continue to fund the development of Ampere until it reaches break-even in 2025.
“Cancellation of the Ampere IPO should be positive for current shareholders as it minimises upfront dilution ..and removes a layer of complexity in the investment case,@ Jeffereis analysts said in a note.
Shares were up 1.24% at 0817 GMT.