PARIS/LONDON - Weaker electric vehicle demand, increased competition from China and market volatility are complicating French carmaker Renault's plans to list its EV business Ampere, four people familiar with the matter told Reuters.
Some analysts had already questioned Renault's hoped-for valuation of up to 10 billion euros, with some suggesting the carmaker should pursue alternative options to raise cash. European car manufacturers and policymakers have also voiced concerns over a "flood" of cheaper electric cars from China, prompting the European Commission to consider imposing tariffs on imports.
Renault said in its statement that the UBS and Barclays estimates were the lowest published so far, and that analysts did not have all the key metrics to value the company. Other EV makers have seen their market value fall sharply in recent months. Polestar listed at around $20 billion last year but is now worth $4 billion, while shares in Elon Musk's Tesla have lost almost a quarter of their value in less than two months.
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