CMA CGM, Renault, Volvo join forces for new-gen EVs
CMA CGM signs non-binding LoI with Renault & Volvo to join new company, invest €120mn through PULSE, its energy fund
Renault Group and Volvo Group will join forces to address the growing needs of decarbonised and efficient logistics by creating a new company managing the development of an all-new generation of electric vans.
"The two groups look forward to CMA CGM joining the new company. Renault and Volvo will continue to seek additional investment and business partners. An all-new family of fully electric and software defined vehicles will be introduced by the new company. The production is planned to start in 2026," says a release from CMA CGM.
Safe & modular
The vehicles will be built on a new fully electric LCV skateboard platform that will offer high modularity for different body types at low cost and breakthrough on safety requirements, the release added. "Adopting the new software defined vehicle architecture, the vehicle will onboard unprecedented capabilities to monitor the delivery activity and user business performance, reducing by 30 percent the global cost of usage for the logistic players. The connected services enabled by the software defined vehicle technology will offer to the customers up to date vehicles all lifelong. The van itself will offer outstanding capacity for urban mobility, high polyvalence for tailor made solutions, different battery capacities with an unprecedented 800V feature for vans."
Renault and Volvo sign binding agreements to launch a new company where they will initially hold 50-50 equity stakes, and are planning to invest €300 million each over the course of the next three years. "CMA CGM signs a non-binding letter of intent with Renault Group and Volvo Group to join the new company, investing €120 million through PULSE, its energy fund dedicated to accelerating the decarbonisation of transport and logistics sectors."
Martin Lundstedt, President and CEO, Volvo Group says: “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 decarbonise their value chains. We see a growing demand for clean, efficient, and safe urban transportation and partnership and collaboration is key to achieve this."
Luca de Meo, CEO, Renault Group adds: “Electrification and digitalisation 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 on this journey with Volvo Group to bring the best 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 three 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."
Rodolphe Saadé, Chairman and CEO, CMA CGM Group says: “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 decarbonise our fleet. Through this new investment by our PULSE fund in electric mobility, we are pursuing our commitment to accelerate the decarbonisation of our activity and our sector."
The joint venture is scheduled to start operations early 2024, depending on the completion of all regulatory approval processes. The future company is planned to operate under its own corporate identity and will be based in France, the release added.