FRANCE, 23 February 2026 — Renault will buy out truckmaker Volvo Group and shipping firm CMA CGM from their electric van joint venture Flexis, as the French carmaker moves to streamline operations under chief executive Francois Provost.
The agreement is expected to become effective by the end of the first half of 2026. Renault said it would pay a combined price of “several hundred million euros” for the stakes, in line with initial bids from Volvo and CMA CGM. The sellers declined to comment on the financial terms.
Flexis was established in 2024 as a new-generation electric van venture between Renault and Volvo, each holding 45%, with CMA CGM later joining as a 10% minority shareholder.
“We have had different views on how to drive this project. And we think that this is the best strategic solution going forward,” a Volvo Group spokesperson told Reuters, adding that the broader market slowdown had also influenced the decision.
A Renault representative did not confirm that there had been divergent views between the partners.
The buyout comes as Provost accelerates efforts to simplify Renault’s structure. The automaker is planning to reintegrate its Ampere electric-vehicle unit into the group and has already shut down its car-sharing services, according to sources familiar with the matter.
Under the initial investment plan, Renault and Volvo had each committed to invest 300 million euros over three years, while CMA CGM was set to invest 120 million euros. Volvo’s annual report showed it had invested about 240 million euros into Flexis by the end of 2024, in addition to the 2.4 billion Swedish crowns (US$265 million) it paid initially for its 45% stake.
Production of the Renault Trafic Van E-Tech electric, the first model in the Flexis range, will begin as planned at Renault’s Sandouville plant in France by the end of 2026, the automaker said.
Volvo will continue to market the vehicle from 2027 onwards through Renault Trucks, part of the Volvo Group, under a long-term partnership for light commercial vehicles.
The move comes amid a slowdown in Europe’s van market. New van registrations in the European Union fell 8.8% in 2025, according to data from the European Automobile Manufacturers’ Association (ACEA). About 11% of newly registered vans were electrically chargeable.
Sources: Reuters
