Published by Global Banking & Finance Review®
Posted on February 23, 2026
3 min readLast updated: April 2, 2026
Add as preferred source on GoogleRenault will buy Volvo Group’s and CMA CGM’s stakes in Flexis, taking full control of the electric van JV. The deal is expected to take effect by end‑H1 2026, pending approvals. (volvogroup.com)
By Mathias de Rozario and Marie Mannes
Feb 23 (Reuters) - 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 on Monday.
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 Ampere electric-vehicle unit back into the group, two sources told Reuters in January, and has shut down its car-sharing services as part of restructuring its division focused on new transport solutions.
Flexis was created in 2024 by former Renault CEO Luca de Meo 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%.
"We have had different views on how to drive this project. And we think that this is the best strategic solution going forward," a spokesperson for Volvo Group told Reuters, adding the recent 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.
Volvo spokesperson declined to comment on the financial details or the purchase price. Renault and CMA CGM did not immediately respond to requests for comment.
Volvo and Renault had committed to invest 300 million euros ($354 million) each over a three-year period, while CMA was set to invest 120 million euros.
The Swedish group had invested about 240 million euros into Flexis by the end of 2024, its annual report showed, in addition to the 2.4 billion Swedish crowns ($265 million) 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.
($1 = 0.8471 euros)
($1 = 9.0400 Swedish crowns)
(Reporting by Mathias de Rozario and Marie Mannes, editing by Milla Nissi-Prussak)
Renault will acquire Volvo Group’s and CMA CGM’s stakes in Flexis, the electric van joint venture, to take full ownership. The move marks a strategic shift in the JV’s model and remains subject to regulatory approvals. (volvogroup.com)
Volvo Group is selling its 45% stake and CMA CGM its 10% stake in Flexis to Renault, which will then own 100% of the company. (volvogroup.com)
Volvo Group, through Renault Trucks, will stay involved as a partner and investor and will distribute Flexis-developed products starting in 2027. (volvogroup.com)
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