Renault SA announced on Wednesday that French shipping and logistics company CMA CGM joined Flexis SAS, the joint venture (JV) created by the French carmaker and the Volvo Group in March with the aim to focus on electric vans.
CMA CGM acquired a 10% stake in the joint venture through its energy fund PULSE, while Renault and Volvo each hold 45% in Flexis SAS. The two carmakers pledged to each invest €300 million in the JV over the next three years, while CMA CGM said it plans to invest up to €120 million in it by 2026.
"New expectations for electrified vans are emerging as professional customers are facing increasing pressure from climate change and CO2 regulations, while e-commerce and logistics are booming," Renault stated. "To address this market, Volvo Group, Renault Group and CMA CGM Group are creating Flexis SAS, to lead the decarbonization of transport and logistics sectors," it added.
