FX.co ★ Renault, Volvo To Invest EUR 300 Mln Each In Flexis SAS JV; CMA CGM Buys 10% Stake

Renault Group, a leading French automobile organization, confirmed that CMA CGM Group has become a founding member of Flexis SAS by purchasing a 10% stake in the joint venture.

Flexis SAS is a joint venture for the next generation of electric vans, launched on March 22 by Renault Group and Volvo Group. Each holds a 45% stake in the venture, with plans to invest 300 million euros over the next three years.

CMA CGM, via its energy fund PULSE, has cemented its involvement by obtaining shares in Flexis. It has also indicated its intention to make a strategic investment of up to 120 million euros by 2026.

With headquarters in France, Flexis SAS will manufacture all-electric vans via a connected electronic platform, produced in Renault Group's Sandouville plant, also in France. This operation is expected to create at least 550 jobs over the coming four years.

It has been shared that Philippe Divry will helm the new company as CEO, with Krishnan Sundararajan operating as COO.

Volvo Group, Renault Group, and CMA CGM Group, through the creation of Flexis SAS, aim to drive the decarbonization of the transport and logistics sectors.

Based on the companies' insight, the market for electrified vans in Europe is predicted to see a 40% average annual growth rate until 2030. This substantial anticipated demand is due to the mounting pressure from climate change and CO2 regulations, as well as the expanding e-commerce and logistics sectors.