PARIS – Renault Group is seeking to expand its sports and racing brand Alpine into larger vehicles and more markets, including North America, potentially leading to an IPO for the unit, which will operate as a stand-alone company by 2024.
The core Renault brand has failed repeatedly to crack to premium market with models such as the VelSatis, Avantime, Latitude and Talisman, Renault Group CEO Luca de Meo said Tuesday in announcing a sweeping reoganization of the automaker.
"The fact is that Renault is a volume brand, but Alpine is a different game," he said.
In his view, with right ingredients and technologies, Alpine could be the first real opportunity for Renault Group to reach wealthier customers.
Renault has renamed its Formula One works team Alpine to accompany its endurance-racing efforts, and this is giving the brand a boost in global recognition, he said.
De Meo said that while Alpine is now known mainly in Europe, Formula One has tens of millions TV viewers per race globally, and this is opening up new opportunities for the brand. According to Formula One’s own figures, total TV audience for the series in 2021 was 1.55 billion.