(AOF) – Renault (1.25% to 35.54 euros) announced the launch, with the Volvo group and CMA CGM, of a new generation of 100% electric vans and associated services. “By 2030, the European market for electrified vans will triple” estimate the three partners, citing “a tremendous opportunity” for this range of light commercial vehicles, “particularly in the booming e-commerce areas”.
They point out that business customers “already face increasing pressure on cost of ownership and the need to electrify safer vehicles.”
Renault Group and the Volvo group (subsidiary of the Chinese Geely) have signed binding agreements to create at the beginning of 2024 a new company, independent and based in France, which will initially be owned equally, each investing €300 million. euros over the next three years.
CMA CGM has signed a non-binding letter of intent with Renault Group and the Volvo group to participate in this new company, by investing 120 million euros through Pulse, its Energy Fund dedicated to accelerating the decarbonization of transport and logistics sectors.
Renault is moving more than ever towards electric, with the preparation of the launch of its dedicated subsidiary Ampère, which will be the subject of a dedicated Capital Market Day on Wednesday November 15, 2023.
“Renault has always been constructive with regard to volumes, prices and costs, and the third quarter should be no exception to the rule,” said Barclays in a note published today, raising its opinion from Underweight to Weight in line, with a price target raised from 33 to 37.50 euros. Given the stock’s valuation, the analyst believes the excellent management team deserves the benefit of the doubt by continuing to succeed in execution.
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