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Renault brings in Volvo, CMA CGM for electric van project

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Renault (RENA.PA) will collaborate with Volvo (VOLVb.ST) and CMA CGM on an electric van project to enhance its position in the expanding electric vehicle sector.

Renault and Volvo said on Friday that they signed formal agreements to create a new firm with 50% stock stakes and 300 million euros ($316 million) in investments over three years.

CMA CGM signed a non-binding agreement of intent with Renault and Volvo to join the new firm and contribute 120 million euros through PULSE, its energy fund for transport and logistics decarbonization.

Renault and Nissan are planning a 2026 electric van debut. Sources stated earlier this year that Volvo-owned Renault Trucks may join the initiative, but Mercedes Benz Group (MBGn.DE), Renault’s longtime van partner, would not. The partners announced CMA CGM will join the Renault-Volvo joint venture in early 2024, pending regulatory permission.

The French-based business will begin production in 2026. When and how CMA CGM will join the initiative are unknown.

Renault and Volvo indicated they will seek further investment and partners.

Companies expect the European electric van market to triple by 2030, and their “Software Defined Vehicle” design will cut logistics clients’ use expenses by 30%.

After investing extensively in non-maritime transport, CMA CGM would help logistics businesses change design and provide supply chain assistance.

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