PARIS, FRANCE: Renault Group, Volvo Group and CMA CGM Group, three leading players in the transport and logistics sectors, have announced a joint venture to develop and market a new generation of fully electric vans and associated services.

The new company, which will operate under its own corporate identity and be based in France, aims to address the growing needs of decarbonized and efficient logistics, especially for e-commerce and rental businesses.

The new company will leverage the expertise and resources of its three shareholders to offer superior and safe solutions for the professional customers. The electric vans will be equipped with the new Software Defined Vehicle platform, which will enable advanced connectivity and customization features.

The new company will also provide a wide ecosystem of customized solutions, such as charging infrastructure, maintenance, financing and insurance.

Renault Group and Volvo Group have signed binding agreements to launch the new company, where they will initially hold respective 50-50 equity stakes. They are planning to invest EUR 300 million each over the course of the next three years.

CMA CGM has signed a non-binding letter of intent with Renault Group and Volvo Group to join the new company, investing EUR 120 million through PULSE, its Energy Fund dedicated to accelerating the decarbonization of transport and logistics sectors.

The creation of the new company is expected early 2024 and remains subject to the completion of all regulatory approval processes.

The three shareholders have expressed their ambition to pioneer and lead the new market for electrified vans and contribute to the energy transition of the transport and logistics industry.

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