Renault expects closing of electric vans JV with Volvo and CMA CGM by early April

© Reuters. A Renault logo is pictured in Brussels, Belgium March 4, 2024. REUTERS/Yves Herman/File Photo

PARIS (Reuters) – Renault (EPA:) expects the closing of its joint venture in electric vans with Volvo (OTC:) and French shipping group CMA CGM to happen by the beginning of April, a spokeswoman told Reuters on Wednesday.

Renault and Volvo signed binding agreements last fall to launch a new company where they would initially each hold a 50% equity stake and each invest 300 million euros ($316 million) over the next three years.

CMA CGM also signed at the time a non-binding letter of intent with Renault and Volvo to join the new company and invest 120 million euros through PULSE, its energy fund focused on decarbonisation of transport and logistics sectors.

The three companies plan to present the JV on April 3.