Renault Group has agreed to acquire full ownership of Flexis, the electric van joint venture it launched in 2024 with the Volvo Group and logistics company CMA CGM, consolidating control of the project as it prepares to bring a new generation of battery-electric light commercial vehicles to market.
Under the agreement, Renault will purchase the combined 55% stake held by Volvo Group and CMA CGM, subject to regulatory approvals. Renault and Volvo each currently own 45% of the company, while CMA CGM holds the remaining 10%. Financial terms were not disclosed.
“This agreement marks a major milestone for the project and provides the stable foundation needed to accelerate its development and bring transformative solutions to urban logistics,” Flexis said in a statement.
The move follows reports of shareholder tensions after François Provost became Renault Group CEO in mid-2025. French newspaper Le Monde previously reported that disagreements escalated to the point where Flexis management sought mediation through the Commercial Court of Nanterre. The discussions ultimately led to a strategy centered on Renault assuming full control.
Despite relinquishing its equity stake, the Volvo Group will continue to support the project as a strategic partner. Distribution of the electric vans will be handled by Renault Trucks beginning in 2027. Although it shares the name, Renault Trucks is part of the Volvo Group rather than Renault Group.
Renault will oversee final development and industrialization of the vehicles and manufacture them at its Sandouville plant in France, while Volvo’s truck subsidiary manages sales and distribution—highlighting ongoing operational links between the two companies.
Flexis said the shift to a single shareholder would strengthen governance without altering the product roadmap or industrial plans.
The ownership change will coincide with a leadership transition. CEO Philippe Divry will step down, handing over to Krishnan Sundararajan effective Feb. 23, 2026.
“What the teams have achieved over the past years makes me immensely proud. This agreement represents a transformative moment for Flexis,” Divry said, noting that the deal secures long-term financing and industrial resources needed to launch the new vehicle lineup.
Sundararajan said the arrangement enables the company to execute its strategy, including bringing electric versions of the Renault Trafic van to market. “With Renault’s backing and Volvo Group’s continued partnership, we have everything we need to succeed,” he said.
Flexis was established to develop connected, software-defined electric vans tailored to urban logistics operators, a segment expected to expand rapidly as cities tighten emissions rules and e-commerce volumes grow.