Volvo's Philippe Divry Named CEO of Electric-Van Joint Venture With Renault, CMA CGM — Update
By Dominic Chopping
STOCKHOLM--Volvo's Philippe Divry will become chief executive of the Swedish truck maker's new electric-van joint venture with Renault and CMA CGM.
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 on Wednesday that Krishnan Sundararajan will act as chief operating officer of the venture.
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 will be produced at Renault's Sandouville plant.
Divry is currently senior vice president of group trucks strategy at Volvo, while Sundararajan is currently project director of Renault's FlexEvan electric-van project.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
April 03, 2024 03:14 ET (07:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?
-
Mastercard Earnings: A Stable Environment Highlights the Firm’s Strengths
-
Pfizer Earnings: Solid Results Supported by Steady Tracking Toward $4 Billion In Cost Cuts
-
Starbucks Earnings: Not a Lot to Like About Results as Global Traffic Sputters