Despite the market turbulence, Renault (RNLSY.US) insists on listing its electric vehicle subsidiary, Ampere, next year according to plan.

French car manufacturer Renault (RNLSY.US) has not been affected by recent market volatility and remains committed to its plan to launch its Ampere electric car business in the first half of next year. The company's CFO, Thierry Pieton, stated on Thursday that this period could still be the "ideal time" for an initial public offering (IPO). The company's third-quarter revenue, which was lower than expected, was previously announced. The company's stock price briefly fell by 6.6%. As Ampere prepares to go public, the IPO market is going through a challenging period. Prior to the disappointing IPO performances of chip design company Arm (ARM.US) and shoe manufacturer Birkenstock (BIRK.US), the IPO market had started to recover. Due to lower-than-expected demand for its flagship electric car, the Megane E-Tech, as well as significant price reductions by Tesla (TSLA.US) and competition from cheaper Chinese cars, Ampere's IPO has been delayed once. Renault has been occupied with restructuring its alliance with Japanese partner Nissan, which has been facing difficulties. It is expected that a rebalancing agreement with Nissan will be completed in the fourth quarter. Pieton stated in a conference call with analysts that once finalized, Renault will be able to "freely sell" its 28.4% stake in Nissan. Pieton mentioned that this move will allow Renault to "reallocate some capital in the best possible way" and added that the share sale will be closely coordinated with Nissan. Renault is relying on launching 17 new models by 2025 to increase its market share and gain momentum in the transition to electric vehicles. The company saw a 7.6% growth in sales in the third quarter, attributed to improved pricing and strong demand for new models such as the Austral SUV. Austral had approximately 21,000 units sold in the third quarter. The company stated that its main market, Europe, still has strong orders. However, signs of a weakening market are emerging as car buyers continue to face high inflation eroding their purchasing power. Another car manufacturer, Volkswagen, announced last week that third-quarter orders for electric vehicles fell short of targets, leading the company to cut temporary workers and shifts in German factories in recent weeks.