Renault has cancelled a plant public listing of its EV tech division citing equity market conditions.

The company had planned to hold an IPO for the division in 2024, in a move that it said last year would unlock value and rival Tesla and Chinese  EV tech giants.

Renault said market conditions and higher profitability – and cash – for Renault meant that it would cancel the planed flotation. Reports say that a slowdown in EV sales growth was also a factor in the policy reversal.

In a statement the Renault Group said it would continue to fund the development of Ampere until it reaches break-even in 2025.  The statement said: “Considering both current equity market conditions and stronger cash generation, Renault Group has decided to cancel the Ampere IPO process.”

The decision may mean that Renault Alliance partners Nissan and Mitsubishi Motors may now not invest in the unit.

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By GlobalData

See also: Renault Ampere unit outlines plans for new EV models