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.