Renault, the famous French automotive company, has officially announced that it aims to separate its new electric car unit, "Amper," from the rest of the company on November 1, 2023, as the first step before going public. The company has set November 15 as the Investors' Day, with Renault's CEO, Luca de Meo, estimating the value of the new electric business unit to be up to 10 billion euros (approximately 10.47 billion dollars).

Renault embarked on the idea of separating its electric car business from fossil fuel vehicles last year with the goal of attracting 10,000 new employees this year and establishing a new business model that focuses on "the specificities of electric cars and the ability to form partnerships in new technologies and services," as stated in Renault's statement.

In November of last year, the company introduced its new unit, "Amper," named after the famous French physicist and mathematician André-Marie Ampère. Renault also announced its reorganization into five different units, including electric cars, internal combustion engine assets, the sports car brand "Alpine," financial services, and new mobility and recycling operations.

The motivation behind this separation is to add value to Renault's electric car business, with the goal of achieving valuations similar to those of the American company Tesla. Renault plans to transition to full electrification by 2030, and with the French government retaining a 15% stake in the company, maintaining a strong presence in high-reputation electric car business in the country is essential, alongside the parallel goal of moving the combustion engine segment outside of France.

The new company will offer Renault's best-selling electric cars, such as the "Megan E-Tech." However, the expected reduction in European prices by Tesla may impact future demand. Therefore, Renault is racing against time to introduce competitively priced models like "Renault 5," "Renault 4," and "Clio Vision" in the near future.

In July of last year, Nissan, which has had a long-standing alliance with Renault, confirmed its plan to invest up to 663 million dollars in the "Amper" unit after "high-level discussions calling for a greater balance in share ownership between the two companies," according to a news report. This move reflects Nissan's commitment to supporting Renault's electric car strategy and enhancing cooperation between the two companies.