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The head of heavily indebted Chinese property developer Evergrande's electric vehicle arm has been detained by authorities, the firm said Monday. News of Liu's detention followed Evergrande's announcement in September that the firm's chairman, Xu Jiayin, was "subject to mandatory measures" from Chinese authorities over "crimes".

Renault: The group set out financial targets for the unit, including an expected break-even in 2025 and an operating margin of at least 10% from 2030, ahead of an investor day where it hopes to drum up support for an initial public offering slated for spring 2024. The plan has been complicated by slower demand for EVs, choppy markets and increased Chinese competition, with sources close to the deal telling Reuters last month CEO Luca de Meo's hoped-for valuation of 8 to 10 billion euros looked over-ambitious.

Having pioneered the market for first-generation electric vehicles with its long-time ally Nissan in the early 2010s, Renault has recently fallen behind pure players like Tesla and Chinese manufacturers as global competition for greener vehicles has picked up. Here's what you need to know about Ampere, a major plank of Renault's turnaround strategy, which is poised for a market listing next year.