- Renault Group is set to take full ownership of Flexis, a manufacturer of commercial electric vehicles.
- The move, which is still subject to regulatory approval, will end the current joint venture of Renault Group, Volvo Group, and CMA CGM Group, which had originally formed Flexis.
- This will allow Renault Group to completely oversee the development and production of a new range of fully-electric light commercial vehicles.
Renault Group to take complete ownership of Flexis
Under the proposed agreement, Renault Group will acquire both Volvo Group’s 45% stake in the firm and CMA CGM Group’s 10% stake, resulting in it retaining 100% ownership over the commercial EV brand. Under the new plan, Volvo Group will remain a key partner however, with the Volvo Group-owned Renault Trucks brand being the distributor of Flexis commercial EVs from 2027 onwards.
With these changes, the current model portfolio will remain the same, such as the Trafic E-Tech, Goelette E-Tech, and Estafette E-Tech. However, Flexis says the new consolidated ownership will ‘strengthen the project’. Philippe Divry has also agreed to hand the CEO role over to Krishnan Sundararajan, who becomes the incumbent CEO of the company.
Philippe Divry commented:
“What the teams have achieved over the past years makes me immensely proud. This agreement represents a transformative moment for Flexis. It secures the long-term financing, industrial resources, and commitment needed to bring our new range of electric vehicles to market and truly reshape urban logistics. I have complete confidence in Krishnan’s leadership as we enter this new phase of the Flexis story. I wish him and Flexis team the very best.”
New CEO of Flexis, Krishnan Sundararajan, added:
“We are now ready to accelerate and scale. The agreement solidifies our ability to execute our ambitions: starting with delivering Renault Trafic Van E-Tech electric from and establishing leadership in sustainable light commercial vehicles. Our teams are energized and fully committed to this mission. With Renault’s backing and Volvo Group’s continued partnership, we have everything we need to succeed.”
