Renault shares jump after scrapping plans to list Ampere EV unit

Shares of French car maker Renault jumped 5% in early deals on Tuesday, after the company canceled plans to publicly list its new electric vehicle and software business.

Renault said Monday that it would no longer hold an initial public offering of its Ampere unit, which chief executive Luca de Meo had previously positioned as a 10 billion euro ($10.8 billion) rival to Tesla and Chinese EV makers, according to the Financial Times.

Renaults share price rose 5.13% at the market open Tuesday before dipping to trade up 1.7% by 8:30 a.m. London time.

This is a breaking news story, and it is being updated.

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