Renault wants to start selling a 28 percent stake in long-time partner Nissan "very soon" as part of the French automaker's ambitious electric-vehicle development plan, which includes an initial public offering of its EV arm Ampere.
Sales of the stock could start in early 2024, Renault CEO Luca de Meo said Wednesday in an interview with Bloomberg Television. The selling will be coordinated with Nissan, he said.
"You don't want to get too many shares in the market immediately," he said. "We will use that money for other things."
The stake, worth about 4.3 billion euros ($4.67 billion), gives Renault options should it decide not to press ahead with the IPO of Ampere.
The funds could be used to help the automaker speed up development of cheaper EVs and take on rivals such as Tesla more quickly.