Renault Group said its CEO would also now head Ampere, the electric vehicles and software subsidiary.

This takes effect on completion of the carve out of Ampere, which is envisioned in the second half of 2023. De Meo remains Renault CEO, however.

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Josep Maria Recasens and Vincent Piquet will be appointed chief operating officer and chief finance officer, respectively, of Ampere.

“These appointments at the highest level of the group will ensure the best support to execute Ampere’s innovative and profitable plan, including its envisioned initial public offering,” the automaker said in a statement.

De Meo said: “Thanks to work done over the past two years, Ampere is about to hit the ground running, supported by unmatched assets from day one: one of the most integrated EV value chains in the industry, a pioneering approach to software defined vehicle, and engineering and manufacturing capabilities.”

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Ampere has targeted 30% compounded annual revenue growth rate (CAGR) until 2030. With 80% of its investments already behind, it targets operating profit and free cashflow break even as early as 2025 and a double digit margin in 2030.

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Employing 10,000 people, of which one third are engineers, Ampere will compete with the best EV and software players to reduce costs by 40% on a car by car basis in the next vehicle generation by 2027.

It will develop current and upcoming battery technology from sodium ion to solid state, reaching around 90% battery to wheel e-powertrain efficiency, reducing parts diversity by around 30% and improving productivity, reaching less than 10 hours production time per vehicle.

It will develop an innovative, cost-efficient and open software defined vehicle architecture.