Renault, Volvo in €750m software defined electric van joint venture
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Renault, Volvo and CMA CGM are joining forces on a joint venture to develop a new electric van with a software defined architecture.
The vehicles will be built on a new fully electric 800V LCV skateboard platform that will offer high modularity for different body types at low cost. The Software Defined architecture will enable connectivity and different battery capacities.
Renault Group and Volvo Group, owned by Geely of China, signed binding agreements to launch a new company with 50-50 equity stakes. Both will invest €300m over the course of the next three years. Investment fund CMA CGM also signed a non-binding letter of intent with Renault Group and Volvo Group, investing €120m through PULSE, its Energy Fund dedicated to transport and logistics sectors.
The new company will be based in France and is expected to start in early 2024. Production is planned to start in 2026.
By 2030, the European market for electrified vans will triple, promising a huge opportunity for a brand-new electric light vehicle, says Renault, particularly for the booming e-commerce and rental businesses.
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The new company will be fully independent, combining the agility of a start-up with the supply chain and relationships of the partners. Renault Group and Volvo Group aim to share investments in research and development and bring benefit of existing know-how, services, and industrial footprint to the new planned company.
As a global player on all segments of the supply chain, CMA CGM intends to assist the new company in building appropriate solutions that can fit all transport and supply chain player’s needs, based on end-to-end efficient solutions.
“We are excited to take yet another step in our journey towards sustainable transport solutions through the intended establishment of a new company. Volvo Group is keen to continue to offer its customers complete transport solutions that help them decarbonize their value chains. We see a growing demand for clean, efficient, and safe urban transportation and partnership and collaboration is key to achieve this,” says Martin Lundstedt, President, and CEO of Volvo Group.
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“Electrification and digitalization are paving the way for a revolution in the LCV market. Renault Group intends to lead this transformation while ensuring a robust and effective value creation. Today, we are very proud to embark in this journey with Volvo Group to bring the best of solutions to our professional customers. We also look forward to CMA CGM joining the company. The new company is the start-up minded, unmatched combination of the complementary assets of 3 champions: a leading truck maker, expert in tailored services, a champion of the global supply chains, and a European EV pioneer & LCV leader. All the ingredients are there to come up with something truly unique,” says Luca de Meo, CEO of Renault Group.
“As a leader in transport and logistics, the CMA CGM Group is proud to join forces with a major European carmaker and a leading global truck maker, Renault Group and Volvo Group, to create this new company of electric vans. This is a comprehensive and innovative partnership: not only are we investing in this project, but we will also bring our know-how and expertise to ensure inbound and outbound logistics, while some of these vehicles could ultimately be used to decarbonize our fleet. Through this new investment by our PULSE Fund in electric mobility, we are pursuing our commitment to accelerate the decarbonization of our activity and our sector,” says Rodolphe Saadé, Chairman and CEO of the CMA CGM Group.
www.renaultgroup.com; www.volvogroup.com
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