Volvo and Renault partner to launch electrified van venture

  • Stock Market News
Volvo and Renault partner to launch electrified van venture
Credit: © Reuters.

AB Volvo (OTC: VLVLY ) and Renault (EPA: RENA ) Group have announced a joint venture to manufacture electrified vans, each investing €300 million ($345 million) and holding equal stakes. The venture, based in France, is set to commence operations in early 2024 with the aim of targeting decarbonized logistics. The initiative will be leveraging a fully electric Light Commercial Vehicle (LCV) skateboard platform.

In addition to AB Volvo and Renault's investment, CMA CGM Group has expressed plans to contribute €120 million ($138 million) via the PULSE Energy Fund. The production phase is slated to start in 2026. Despite this collaborative venture, both Volvo and Renault will continue to compete independently in other areas of their businesses.

On Friday, shares of Volvo were trading at SEK 224.30 ($24.3), while Renault's shares were priced at €35.09 ($40.3).

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