The JV for the next generation of electric vans was founded on March 22 by Renault Group and Volvo Group, each holding a 45% stake, with both companies planning to invest 300 million euros each over the next three years. However, French auto major Renault Group has announced that CMA CGM Group has now joined Flexis SAS as a founding member with the purchase of a 10% stake in the joint venture.

CMA CGM, through PULSE, its energy fund, acquired the stake in Flexis and has confirmed its interest for a strategic investment of up to 120 million euros by 2026.

Flexis SAS will be based in France, and the all-electric vans based on a connected electronic platform will be produced in Renault Group's Sandouville plant in France. The plant will recruit 550 people over the next four years. The companies noted that Philippe Divry is appointed as CEO of the new company and Krishnan Sundararajan as COO. 

Volvo Group, Renault Group and CMA CGM Group are creating Flexis SAS aiming to lead the decarbonization of transport and logistics sectors.

According to the firms, the European market for electrified vans is expected to grow by 40% per year on average until 2030. The strong upcoming demand reflects professional customers' increasing pressure from climate change and CO2 regulations, as well as booming business of e-commerce and logistics.