Renault announced on Monday that it was canceling the initial public offering (IPO) of its electric vehicle subsidiary Ampere, judging that market conditions were not adequate.

"Renault Group considers that current market conditions are not sufficient to pursue the IPO process and serve the best interests of Renault Group, its shareholders and Ampere," the automaker said in a statement. (Gilles Guillaume reports, written by Nicolas Delame, edited by Kate Entringer)