PARIS, Feb 9 (Reuters) – Renault plans to buy out stakes held by Volvo Group and shipping firm CMA CGM in their electric van joint venture Flexis, French newspaper Le Monde reported on Monday, following a review of the business plan as market growth falls short of expectations.
CEO François Provost, who took over last year, is accelerating efforts to streamline Renault’s operations.
The French automaker is already planning to fold its Ampere electric-vehicle unit back into the group, two sources told Reuters in January, and has shut its car-sharing services as part of a restructuring of its Mobilize division.
A Renault spokesperson declined to comment on the Le Monde report, saying only that discussions were under way, and relations with Flexis and its shareholders remained good.
But a spokesperson denied an asset impairment was likely to appear in Renault’s financial results, scheduled to be released on Feb. 19, as was also reported by the French newspaper.
Reuters could not independently verify the report.
Flexis was created in 2023 by former Renault CEO Luca de Meo in partnership with Sweden’s Volvo, with CMA CGM joining later as a minority shareholder. Renault and Volvo each hold 45%, with CMA CGM owning 10%.
Le Monde said Renault would take full control of the venture, though the price negotiated by Provost for the partners’ exit was not disclosed.
(Reporting by Gilles Guillaume; Writing by Gianluca Lo Nostro; Editing by Mark Potter and Benoit Van Overstraeten)
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