The Renault Group, the French auto manufacturer, said on Wednesday that its CMA CGM Group had purchased a 10% joint venture stake in Flexis SAS, making it a founding member.
The joint venture for the next generation of electric vans was founded on March 22 by Renault and the Volvo Group, holding each a 45% stake. Both companies plan to invest €300 million ($323 million) each over the next three years.
CMA CGM, through PULSE, its energy fund, acquired the stake in Flexis and has confirmed its interest for a strategic investment up to €120 million by 2026. Flexis SAS will be based in France, and the all-electric vans based on connected electronic platform will be produced in Renault Group's Sandouville plant in France. The plant will recruit 550 people over the next four years.
Further, the companies noted that Philippe Divry is appointed as chief executive of the new company and Krishnan Sundararajan as chief operating officer. Volvo Group, Renault Group and CMA CGM Group are creating Flexis SAS aiming to lead the decarbonization of transport and logistics sectors.
According to the firms, the European market for electrified vans is expected to grow by 40% per year in average until 2030. The strong upcoming demand reflects professional customers' increasing pressure from climate change and CO2 regulations, as well as booming business of e-commerce and logistics.
