France’s Valeo says not planning to invest in Renault EV unit

PARIS (Reuters) – French car parts maker Valeo, which has just signed a deal with Renault to help it develop software for its cars, said it did not intend to invest in Renault’s Ampere electric vehicles unit, which is expected to be spun off and listed this year.

“That’s not our role,” Valeo managing director Christophe Périllat told Reuters on the sidelines of the company’s annual shareholder meeting.

“Our partnership does not include capital agreements, we are technological partners (for Renault) alongside Google and Qualcomm,” he said.

He added the software deal was worth several billion euros and would have a duration of ten years. Valeo is also a partner of Renault in the development of new generation electric motors.

(Reporting by Gilles Guillaume, writing by Silvia Aloisi, editing by Tassilo Hummel)