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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