BOULOGNE-BILLANCOURT (dpa-AFX) - French automajor Renault Group (RNSDY.PK, RNSDF.PK, RNT.L) announced Tuesday that its Chief Executive Officer Luca de Meo will also lead its electric vehicles and software subsidiary Ampere.
The appointment will be effective upon completion of the carve-out of Ampere, which is envisioned in the second half. Luca de Meo will retain his current responsibilities as Renault Group CEO.
Further, the company appointed Renault Group executive Josep Maria Recasens as Chief Operating Officer of Ampere and Vincent Piquet as its Chief Finance Officer.
The appointments are expected to support Ampere's innovative and profitable plan, including its envisioned initial public offering.
Ampere currently employs around 10,000 people, of which one third engineers. It targets operating profit and free cash-flow breakeven as early as 2025, and a double-digit margin in 2030. Ampere targets 40% cost reduction on a car-by-car basis in next vehicles generation by 2027.
Luca de Meo, CEO, said, 'Thanks to work done in the Renault Group over the past 2 years, Ampere is about to hit the ground running, supported by unmatched assets from Day 1: one of the most integrated EV value chains in the industry, a pioneering approach to Software Defined Vehicle, and state-of-the-art engineering and manufacturing capabilities.'
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