Ampere Sets $10.88 Billion Revenue Target By 2025
November 15 2023 - 2:06AM
Dow Jones News
By David Sachs
Ampere, Renault's newly independent electric-vehicle company, is
targeting revenue of more than 10 billion euros ($10.88 billion) in
2025.
The French car maker, which was officially carved out form its
parent company on Nov. 1, revealed the target amid several other
financial and strategic goals on Wednesday.
Ampere is aiming to sell around 1 million vehicles in 2031 with
a sales target of more than EUR25 billion that year, the company
said.
The company expects profit and free cash flow to break even in
2025. It is targeting an operating margin of more than 10% from
2030 onward.
Ampere said that it aims for EV prices to match Renault's
conventional cars, powered by internal combustion engines, by 2027
or 2028. Analysts consider price parity between gas-burning engines
and EVs key to the electrification transition. Ampere aims to
reduce costs of its C-segment electric cars by 40% between the
first and second generation to achieve this goal.
Renault will keep a strong majority in Ampere's capital, the
company said. Nissan and Mitsubishi Motors, its first cornerstone
investors, have pledged up to EUR800 million to Ampere, and
Qualcomm Technologies is considering investments, the company
said.
Ampere's initial public offering is on track for the first half
of 2024, subject to market conditions, the company said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
November 15, 2023 01:51 ET (06:51 GMT)
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