Volvo, Renault, CMA CGM Name Philippe Divry CEO of Electric Van JV
By Dominic Chopping
STOCKHOLM--Volvo, Renault and CMA CGM have named Philippe Divry as chief executive of their new electric-van joint venture.
The three companies last year said they were pooling their efforts to decarbonize the transport and logistics sector and address booming e-commerce and rental businesses.
The companies said that Krishnan Sundararajan will act as chief operating officer of the JV.
Swedish truck maker Volvo and French auto group Renault will each invest 300 million euros ($323.1 million) over the next three years for an equal 45% share, while French shipping and logistics firm CMA CGM has acquired a 10% stake through its Pulse energy investment fund, committing to invest EUR120 million by 2026.
The company--named Flexis SAS--will be based in France, and the all-electric vans based on connected electronic platform will be produced at Renault's Sandouville plant.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
April 03, 2024 02:39 ET (06:39 GMT)
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