Top Stories
CMA CGM acquires 10% in stake in Volvo-Renault EV joint venture, Renault says
Global Banking & Finance Review®
Company
(Reuters) – French car manufacturer Renault on Wednesday announced that shipping group CMA CGM officially joined Flexis, its partnership with Volvo Group on electric vans.
(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.
($1 = 0.9280 euros)
(Reporting by Augustin Turpin; Editing by Tom Hogue)
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity, sharing profits, losses, and control.
An investment is the allocation of resources, usually money, in order to generate income or profit. It can involve purchasing assets like stocks, bonds, or real estate.
Electric vehicles (EVs) are automobiles that are powered by electricity instead of traditional fuels. They use electric motors and rechargeable batteries to operate.
A stake in a company refers to the ownership interest that an individual or entity has in that company, typically represented by shares of stock.
Explore more articles in the Top Stories category
