Renault Group is set to take full ownership of its joint venture electric van project Flexis after agreeing terms with partners Volvo Group and CMA CGM Group.
Following the creation of the seperate entity in 2024, the three companies have now signed a binding agreement enabling Renault Group to acquire Volvo Group’s 45% stake and CMA CGM Group’s 10% stake in Flexis SAS.
The deal, which is subject to regulatory and antitrust approvals, could be completed by the end of the first half of 2026.
Under the new structure, Renault Group will carry the software defined van project through to completion, with development and production remaining firmly rooted in France.
The first model will be the Renault Trafic Van E-Tech, with production scheduled to begin at the Sandouville plant in Normandy by the end of 2026, as originally planned.
Renault says the governance change does not alter the industrial roadmap or product ambition. The project continues to focus on a new generation of fully electric medium vans built around a dedicated skateboard platform, 800V electric architecture and a Software Defined Vehicle (SDV) setup aimed at enabling advanced digital services.
Nearly 1,300 people are currently working on the programme across Renault Group’s French sites, including the Guyancourt Technocentre and Villiers-Saint-Frédéric LCV Centre of Excellence, as well as the industrialisation processes at the Sandouville plant.
In line with the long-standing partnership between Renault Group and Volvo Group in light commercial vehicles, Renault Trucks will still distribute the new electric vans from 2027 onwards.
CMA CGM Group, which entered the joint venture as part of its wider decarbonisation strategy, said it was proud to have supported the project during this key development phase.
In a post on LinkedIn Flexis CEO Philippe Divry confirmed that he would be stepping down, naming his successor as current COO Krishnan Sundararajan.
In the post, Divry describes the move as “a new step in life” for the company, confirming he is handing over leadership to Krishnan Sundararajan as Renault Group prepares to become sole shareholder.
Divry’s LinkedIn post said that Flexis was conceived as what he termed the “Tesla of LCV”, combining rapid advances in batteries and electrification with digitalisation, referencing Tony Seba’s well-known “Clean Disruption” thesis as a personal inspiration behind his engagement in industry transformation.
His post in full reads:
Flexis is now entering a new chapter and, as Renault Group prepares to become the sole shareholder, I am logically handing over the reins to Krishnan Sundararajan.
Krishnan is a friend and an inspiring leader, we have had a great collaboration for several years, and I am convinced he will be the right man to take Flexis to the next phase.
My personal engagement into industry transformation was inspired by Tony Seba ’s famous keynote speech at the Nordic Energy Summit in Oslo 10 years ago. The notion of “Clean Disruption”, based on the technological acceleration on batteries and electrification, showed how fast change can happen.
And when you combine it with the power of digitalization, then you have the Flexis business proposition, the “Tesla of LCV”.
The Flexis story started 4 years ago, first as a joint vision shared by Renault Group, Volvo Group and CMA-CGM, then a project, then a company since March 2024.
Over that time, I have had the privilege of leading a dream team that worked with incredible engagement and agility, and together we:
To our team, the Flexians: You guys rock !
I am incredibly proud of what you have achieved, with relentless dedication and energy, and I am convinced you will keep bringing superior value to our customers.
Electrification is not a “bitter soup” that we would be forced to swallow under a moralizing pressure, it is a massive opportunity: Good for the Planet, Good for Business. This is how you will make an essential contribution to the new owner Renault Group, and to the transformation of city-positive logistics.
