Renault to take full ownership of Flexis

Renault Group, Volvo Group and CMA CGM have announced an agreement to make a strategic change to the business model of Flexis SAS, under which Renault will buy Volvo’s 45% ownership and CMA-CGM’s 10% shares, assuming full ownership of the joint venture established by the three companies in 2024 to create the next generation of fully electric vans and associated services built around a Software Defined Vehicle (SDV) platform.

Renault Group will complete the full development and industrialization of the Flexis fully electric light commercial vehicles. (Photo: Flexis S.A.S.)

With this agreement, Renault Group will complete the full development and industrialization of the next-generation, fully electric light commercial vehicles based on a skateboard platform, 800V motor and SDV architecture. In France, nearly 1,300 people are currently working on its development across various Renault Group sites in the Île‑de‑France region, through to industrialization at the Group’s Sandouville plant in Normandy. Production is expected to begin by the end of 2026 as initially planned, beginning with the Renault Trafic Van E‑Tech electric.

Volvo Group, through Renault Trucks, will remain a partner and investor in the project and will distribute Flexis-developed products from 2027. This will align with the current successful business model between Renault Group and Renault Trucks for Renault-branded light commercial vehicles, the companies stated.

As part of the ownership transition, Philippe Divry has decided, by mutual agreement with the Board of Flexis, to hand over the CEO role to Krishnan Sundararajan, effective Feb. 23, 2026, ensuring continuity and renewed momentum. Sundararajan previously served as the company’s chief operating officer.

“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,” Divry stated. “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.”

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.”

The strategic agreement is expected to become effective by the end of the first half of 2026, subject to regulatory approval.