Renault will buy out truckmaker Volvo Group's and shipping firm CMA CGM's stakes in their new-generation electric vans joint venture Flexis, the French carmaker said today.
The agreement will become effective by the end of the first half of 2026, as Renault CEO François Provost, who took over last year, accelerates his efforts to streamline the group's operations.
The automaker was already planning to fold its Ampereelectric-vehicle unit back into the group, two sources told Reuters in January, and has shut down its car-sharing services.
Flexis was created in 2024 in partnership with Sweden's Volvo, with CMA CGM joining later as a minority shareholder. Renault and Volvo each hold 45%, with CMA CGM owning 10%.
A spokesperson for Renault said the automaker would pay a combined price of "several hundred million euros" for the stakes, in line with initial bids from Volvo and CMA CGM. The sellers declined to comment on the financial details of the deal.
"We have had different views on how to drive this project. And we think that this is the best strategic solution going forward," a Volvo Group spokesperson told Reuters, adding the market slowdown also affected the decision.
New van registrations in the European Union fell by 8.8% in 2025, data from European carmaker association ACEA showed. Around 11% of the newly registered vans were electrically chargeable.
The Renault representative did not confirm there had been divergent points of view.
Volvo and Renault had committed to invest €300m each over a three-year period, while CMA CGM was set to invest €120m.
The Swedish group had invested about €240m into Flexis by the end of 2024, its annual report showed, in addition to the 2.4 billion Swedish crowns ($265m) it paid initially for the 45% stake.
Production of the Renault Trafic Van E-Tech electric, the first model of the range, will begin as planned at Renault's Sandouville plant in France by the end of 2026, the French automaker said.
Volvo will also market the vehicle from 2027 onwards through Renault Trucks, part of the Volvo Group, under a long-term partnership for light commercial vehicles.
