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


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

(Reuters) – 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 ($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.

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($1 = 0.9280 euros)

 

(Reporting by Augustin Turpin; Editing by Tom Hogue)

 

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