14:47 - 9.10.2023

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October 9, Fineko/abc.az. Automakers Volvo Group and Renault Group, as well as French logistics operator CMA CGM plan to create a joint venture to produce vans with electric motor.

ABC.AZ reports with reference to MarketWatch that Swedish and French automakers will invest €300 million ($316.5 million) in the JV over the next three years and will receive 50% of the shares of the future enterprise.

CMA CGM intends to invest €120 million in the project.

In the near future, Volvo and Renault will continue to search for partners and sources of investment to implement their plans.

Subject to the approval of the agreement by regulators, the parties will establish a joint venture in early 2024, and the launch of production will take place in 2026.