French Shipper Joins Renault, Volvo in €720 Million E-Van Pact
A Renault Kangoo E-Tech light commercial vehicle.
Source: Renault SA
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French shipping company CMA CGM SA is planning to join Renault SA and Volvo AB in a new electric van venture as the French carmaker seeks to take on rivals like Stellantis NV.
The partners will invest a total of €720 million ($759 million) to build a range of vans and offer related services, they said Friday. Renault and truckmaker Volvo will initially hold equal stakes in the company while CMA CGM has signed a letter of intent.