(Reuters) – Car manufacturer Renault announced on Wednesday the arrival of CMA CGM as a founding member of Flexis, a joint venture dedicated to the development of a new generation of electric vans in partnership with Volvo.
CMA CGM will own 10% of Flexis and will invest up to 120 million euros by 2026. Renault and Volvo will respectively hold 45% of the capital and plan to invest 300 million euros each over the next three years.
Philippe Divry is appointed general manager of the new company and Krishnan Sundararajan director of operations.
(Writing by Mathias de Rozario, editing by Zhifan Liu)
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