The Marseille-based shipping liner CMA CGM Group signs a non-binding letter of intent with Renault Group and Volvo Group to join a new company, managing the development of an all-new generation of electric vans.
An all-new family of fully electric and software defined vehicles will be introduced by the new company, whilst the production is planned to start in 2026.
Renault Group and Volvo Group have signed a binding agreement to launch a new company where they will initially hold respective 50-50 equity stakes, planning to invest €300 million each over the course of the next three years.
CMA CGM has also signed a non-binding letter of intent with Renault Group and Volvo Group to join the new company, investing €120 million through PULSE, its Energy Fund, dedicated to accelerating the decarbonization of transport and logistics sectors.
The creation of the new company is expected early 2024, but remains subject to the completion of all regulatory approval processes.
The future company will be based in France and is planned to operate under its own corporate identity.
The French liner CMA CGM intends to assist the new company in building appropriate solutions that can fit all transport and supply chain player’s needs, based on end-to-end efficient solutions.
“As a leader in transport and logistics, the CMA CGM Group is proud to join forces with a major European carmaker and a leading global truck maker, Renault Group and Volvo Group, to create this new company of electric vans,” said Rodolphe Saadé, chairman and chief executive of the CMA CGM Group.
Rodolphe Saadé added that “This is a comprehensive and innovative partnership: not only are we investing in this project, but we will also bring our know-how and expertise to ensure inbound and outbound logistics, while some of these vehicles could ultimately be used to decarbonize our fleet. Through this new investment by our PULSE Fund in electric mobility, we are pursuing our commitment to accelerate the decarbonization of our activity and our sector.”
