PARIS -- Renault’s internal audits show strong potential for the automaker’s plans to separate its electric-car unit from traditional fossil-fuel operations, CEO Luca de Meo told shareholders.
Speaking at Renault Group’s annual general meeting on Wednesday, de Meo said one outcome of the project would be to “correct the group’s valuation.” He said the plan was not to divide the company in half, but to create two separate entities with about 10,000 employees each, with a potential partnership on the internal-combustion side.
The French automaker is one of several – including Ford and Geely – that are rethinking how internal-combustion vehicles fit into their future strategic plans, to keep up with Tesla and other “electric native” automakers.