Factbox-What you need to know about Ampere, Renault's EV unit

investing.com:

PARIS (Reuters) -French car maker Renault (EPA:RENA) is holding an investor day for its electric vehicle unit Ampere, which was carved out from Renault's other operations on Nov. 1 and is set for a market listing next year.

Having pioneered the market for first-generation electric vehicles with its long-time ally Nissan (OTC:NSANY) in the early 2010s, Renault has recently fallen behind EV-only makers such as Tesla (NASDAQ:TSLA) and its Chinese rivals as global competition for greener vehicles has picked up.

Here's what you need to know about Ampere, a major plank of Renault's turnaround strategy.

FINANCIAL TARGETS

Renault on Wednesday said Ampere targeted at least 10 billion euros ($10.8 billion) in revenues in 2025 from around 2.8 billion euros in 2023. Revenues should reach at least 25 billion euros in 2031.

It expects an annual revenue increase of 30% through 2030 — compared with the less than 8% for the whole of Renault over the last quarter.

The unit gas a product line-up of seven vehicles by 2031: Megane E-Tech, Scenic E-Tech, Renault 5, Renault 4, Legend and two additional vehicles which Renault has yet to name.

It targets a profit and free cash flow break-even in 2025, with an operating margin of at least 10% in 2030 and beyond, and cash conversion of above 80% in 2031.

CUTTING COSTS Ampere says it employs over 11,000 people, a third of whom are engineers, and aims to become a European leader in the EV market both for technology and the competitiveness of its cars.

To ward off increased competition from cheaper Chinese EVs, Ampere aims to reduce by 40% the cost of manufacturing cars through 2027 and beyond by offering fewer models and cutting costs at the conception and production stage.

It also aims to