# CMA CGM acquires 10% in stake in Volvo-Renault EV joint venture, Renault says
Author: Pal sinha, Barnali
Author URL: https://startupobserver.com/author/pal-sinha-barnali/
Published: 2024-04-03
Category: Headlines
Category URL: https://startupobserver.com/category/headlines/
Meta Title: CMA CGM Acquires 10% Stake in Volvo-Renault Electric Van Venture
Meta Description: French carmaker Renault announces the acquisition of 10% stake in Flexis by shipping group CMA CGM for electric van partnership with Volvo Group.
URL: https://startupobserver.com/cma-cgm-acquires-10-in-stake-in-volvo-renault-ev-joint-venture-renault-says/

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(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)


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