Renault is reported to be preparing to buy the shares held by Volvo Group and shipping firm CMA CGM in Flexis, the electric delivery-van joint venture created in 2023, according to coverage in Le Monde. The report says the decision follows a review of Flexis's business plan after market expansion for electric vans has underperformed original expectations.
Flexis was set up in 2023 by then-Renault chief executive Luca de Meo, with Volvo joining as a principal partner and CMA CGM later taking a minority position. Under the venture's ownership arrangement, Renault and Volvo each retain 45% while CMA CGM holds a 10% stake. Le Monde reported that Renault intends to take full control, although the amount Renault's CEO François Provost has negotiated for Volvo and CMA CGM to exit was not disclosed.
Provost, who assumed the chief executive role last year, has been accelerating a review and simplification of Renault's operations. The automaker is reported to be consolidating its electric-vehicle activities by reintegrating Ampere back into the group, and it has closed its car-sharing operations as part of a wider restructuring of the Mobilize division. Those moves were described as part of efforts to streamline the company.
A Renault spokesperson declined to comment on the Le Monde report, saying only that discussions were under way and that relations with Flexis and its shareholders remained good. The Le Monde coverage also indicated that an asset impairment related to Flexis is likely to be reflected in Renault's financial statements, which are due to be published on February 19.
The reported plan to acquire the remaining shares in Flexis comes as the joint venture navigates slower-than-anticipated market demand for electric vans. The price for the partners' exit was not disclosed in the Le Monde account, and Renault has not provided additional details beyond the comment that discussions are ongoing.
Contextual note: The reported developments center on ownership and accounting outcomes for a venture formed to produce electric vans. Further details, including any agreed financial terms and the final accounting impact, have not been disclosed publicly.