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CMA
CGM signed a non-binding letter of intent with Renault and Volvo
to join the new company and invest 120 million euros through
PULSE, its energy fund focused on decarburization of transport
and logistics sectors.
Renault has been working on a plan to launch a new electric van
in 2026 for the Renault and Nissan marques. Sources said earlier
this year that project might be joined by Volvo-owned brand
Renault Trucks, though Mercedes Benz Group, a long-time partner
of Renault in vans, would not take part.
The launch of the joint venture between Renault and Volvo is
expected in early 2024, subject to regulatory approval
processes, with CMA CGM due to enter the new company
subsequently, the partners said.
Production is expected to start in 2026 and the future company
will be based in France.
There was no further detail on when CMA CGM might join or what
stake it may take in the venture.
Renault and Volvo will continue to seek additional investment
and business partners, they said.
The market for electric vans in Europe is forecast to triple in
size by 2030, the companies said, adding their future vans would
reduce by 30% overall usage costs for logistics customers
through "Software Defined Vehicle" design.
CMA CGM, which has invested heavily in non-maritime transport in
recent years, would assist in adapting design to the needs of
logistics firms and would also provide supply chain support.
($1 = 0.9480 euros)
(Reporting by Dominique Vidalon, Gus Trompiz and Gilles Gillaume;
Editing by Elaine Hardcastle and Mark Potter)
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