Luca de Meo, CEO of Renault Group, will also lead the executive team of Ampere, its electric vehicles and software subsidiary. This will be effective upon completion of the carve-out of Ampere, which is envisioned in H2 2023. Luca de Meo will retain his current responsibilities as Chief Executive Officer of Renault Group.

Two high potential Renault Group executives, Josep Maria Recasens and Vincent Piquet, will be appointed respectively Chief Operating Officer and Chief Finance Officer of Ampere.

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. Combining the agility of a pure player with the strengths of an established OEM makes Ampere unique.

Now, we go to execution mode. The more we focus the more obvious the opportunities become for Ampere to spearhead the shift to electric and software. Targeting a 40% cost reduction in the next vehicles generation, setting tech and innovation at the core of Ampere’s organization, delivering appealing products at the best price: this is all in line with our tradition to democratize technology and create value for our stakeholders.

—Luca de Meo

Ampere is shooting for 30% compounded annual revenue growth rate (CAGR) until 2030. With 80% of its investments already behind, it targets operating profit and free cash-flow breakeven as early as 2025, and a double-digit margin in 2030.

Ampere intends to:

• Reduce costs by 40% on a car-by-car basis in the next vehicles generation by 2027+. Part of the levers allowing for this will already be embarked into the production of Renault 5 (2024) and Renault 4 (2025).

• Explore current and upcoming battery technologies from sodium-ion to solid-state.

• Reach around 90% battery-to-wheel e-powertrain efficiency.

• Lower parts diversity by around 30%.

• Push manufacturing productivity at the best levels, reaching less than 10 hours production time per vehicle.

• Develop an innovative, cost-efficient, and open Software Defined Vehicle architecture.