PARIS, Jan 30 — French carmaker Renault today called off the IPO of its electric car and software subsidiary Ampere, saying the market conditions were no longer favourable, reported dpa news.

"Renault Group considers that the current equity market conditions are not met to optimally pursue the IPO process in the best interests of Renault Group, its shareholders and Ampere,” a statement said.

Renault had originally aimed for Ampere shares to begin trading in the first half of the year. Renault said it was committed to building Ampere as a separate business and will continue funding it.

Ampere is targeting a 40 per cent cost reduction per car for the next generation of vehicles by 2027. The Renault unit hopes this will enable it to offer EVs at the same price as combustion engines.

Four models are initially planned for 2025, followed by seven more in 2031. — Bernama-dpa