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Renault SA (OTC:RNSDF) (OTC:RNLSY), Volvo (OTC:VLVLY), and the French shipping and logistics company CMA CGM are partnering to produce an all-new generation of fully electric vans and associated services.
Renault and Volvo have signed binding agreements to launch a new company where they will initially hold respective 50-50 equity stakes.
The companies are planning to invest € 300 million each over the course of the next three years.
CMA CGM Group has inked a non-binding letter of intent with Renault and Volvo to join the new company, investing EUR 120 million through PULSE.
PULSE is CMA's energy fund dedicated to accelerating the decarbonization of transport and logistics sectors.
An all-new family of fully electric and software defined vehicles will be introduced by the new company.
The creation of the new company is expected early 2024, and will be operated under its own corporate identity based in France.
The vehicles will be built on a new fully electric light commercial vehicle (LCV) skateboard platform that offers high modularity for different body types at low cost.
The production is planned to start in 2026.
"We see a growing demand for clean, efficient, and safe urban transportation. Partnership and collaboration are key to achieve this," said Martin Lundstedt, President and CEO of Volvo Group.
Price Action: VLVLY shares closed at $20.27 on Thursday.
