Renault's finance chief Thierry Piéton further added that any plans were subject to approval from its Japanese alliance partner Nissan Motor Co. (OTC:NSANY)

See Also: Nio, Xpeng Plummet: What's Dragging Hong Kong EV Stocks Today?

Ford spinned-off its electric vehicle business last month, naming it Model e.

This came after Renault Group revenue dropped 2.7% in the first quarter but was better than expected amid the impact of the Russian Invasion of Ukraine and an ongoing global shortage of semiconductors.

Meanwhile, the drop in first-quarter revenue followed a 17% decline in Renault's vehicle sales to 552,000 vehicles — the lowest quarterly sales since the global financial crisis in 2009.

Photo: Courtesy of Renault