French car manufacturer Renault on Wednesday announced that shipping group CMA CGM officially joined Flexis, its partnership with Volvo Group on electric vans.
CMA CGM, through its energy fund, acquired a 10% stake in Flexis and has confirmed its interest for a strategic investment of up to 120 million euros (US$129 million) by 2026, Renault said in a statement.
The carmaker also announced the appointment of Philippe Divry as CEO of the new company.
In March, Renault and Volvo obtained regulatory approval to officially launch their joint venture.
($1 = 0.9280 euros) - Reuters