What happened? BNP Paribas is hosting its 3rd global Electric Vehicle and Mobility Conference in Hong Kong on 19-20 May 2025. Vincent Piquet (CFO, Ampere) and Philippine De Schonen (Head of IR and MandA) attended the conference and shared their key insights: Ampere . On track for breakeven in 2025 at gross profit level but dilutive on margin for now. Breakeven at 400k units initially and this moved to 300k. Now anticipate reaching breakeven at a lower level than this. . See visibility to ICE margin party ''in coming years'', even assuming prices come down. Scale key to bringing down costs throughout supply chain - trend is clear, just takes a little time. . On track to reduce COGs of BEV C-Segment by 40% by next generation in 2027. Will see gradual improvement in the meantime also (e.g.: 2022 Megane already seen significant cost reduction). Drivers of cost reduction: (i) battery - shift to LFP, BMS, e-motor; (ii) platform - e.g. cell to chassis; (iii) powertrain efficiency - i.e. more km/kWh reduces required battery size; (iv) integrated production system - e.g. AESC gigafactory next door to BEV assembly site. . Technologies are very young in Ampere so can move a lot faster than in ICE. . IPO of Ampere not being considered (Renault doesn''t need the cash), however going through the IPO process and carveout certainly improved the structure of the Ampere business. . Some price pressure on BEVs, but no worse than expected. Not seen huge breakthrough of Chinese brands yet. Renault has strong and stable residual values. Batteries . Today everything is based on NMC technologies, Twingo and Megane/Scenic (early 2026) and Renault 5and4 (early 2027) will move to LFP with options on other models too. . Shift between battery chemistry takes around 18 months. . RNO is not a battery maker but have a battery competence centre to try and optimise cost. . Trend that they see is range anxiety progressively moving down. . Battery recycling - lifecycle of batteries is...