CMA CGM acquires 10pc in stake in Volvo-Renault EV joint venture, Renault says

NST Wed, Apr 03, 2024 01:53pm - 2 weeks View Original


French car manufacturer Renault on Wednesday announced that shipping group CMA CGM officially joined Flexis, its partnership with Volvo Group on electric vans.

CMA CGM, through its energy fund, acquired a 10% stake in Flexis and has confirmed its interest for a strategic investment of up to 120 million euros (US$129 million) by 2026, Renault said in a statement.

The carmaker also announced the appointment of Philippe Divry as CEO of the new company.

In March, Renault and Volvo obtained regulatory approval to officially launch their joint venture.

($1 = 0.9280 euros) - Reuters

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