Renault is planning to buy out stakes held by Volvo Group and shipping firm CMA CGM in their electric van joint venture Flexis, French newspaper Le Monde reported on Monday, citing a strategic review of the business as market growth has fallen short of expectations.
According to the report, Renault would take full control of Flexis, a venture set up in 2023 to develop electric vans, although the price negotiated for the partners’ exit was not disclosed. Le Monde added that an asset impairment related to the transaction could appear in Renault’s financial results due on Feb. 19.
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Flexis was created by former Renault chief executive Luca de Meo in partnership with Volvo Group, with CMA CGM later joining as a minority shareholder. Renault and Volvo each hold 45% of the venture, while CMA CGM owns the remaining 10%.
The reported move comes as Renault’s new chief executive, François Provost, who took over last year, accelerates efforts to streamline the group’s operations. As part of that restructuring, Renault is planning to fold its Ampere electric-vehicle unit back into the wider group, two sources told Reuters in January, and has shut down its car-sharing services under the Mobilize division.
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Flexis was positioned as a key pillar of Renault’s push into electric commercial vehicles, but the review reflects broader pressure on automakers as demand growth for electric vans slows and competition intensifies across Europe.