Renault acquires Flexis in full
As announced by the joint venture, the three founding shareholders – Renault Group, Volvo Group, and CMA CGM Group – have reached an agreement that enables Renault to assume full ownership of the company. “This agreement marks a major milestone for the project and provides the stable foundation needed to accelerate its development and bring transformative solutions to urban logistics,” Flexis stated.
Renault Group and Volvo Group currently each hold 45% of the shares, while the Marseille-based logistics provider holds the remaining 10%. However, the deal remains subject to all relevant regulatory approvals. Under the agreement, the French automaker will acquire the 55% stake held by its two partners. This move will allow Renault Group to ‘complete the full development and industrialization of the next generation of fully electric light commercial vehicles.’ The amount Renault will pay its partners for the 55% stake was not disclosed in the announcement.
In mid-February, the French daily newspaper Le Monde reported that Renault was preparing to take full control of the joint venture for connected electric light commercial vehicles. Tensions between the three shareholders reportedly escalated after François Provost took over as CEO of Renault Group in mid-2025. According to the report, relations deteriorated to such an extent that Flexis’ management called on the Commercial Court of Nanterre to step in and requested the appointment of a mediator. During those talks, the parties are said to have shaped a future strategy that ultimately focused on a full takeover by the automaker.
Renault Trucks will handle distribution
Flexis states that having a single shareholder will strengthen the project ‘without altering its product ambition or industrial roadmap.’ Although the Volvo Group will exit as a shareholder, it will stay closely involved as a partner. From 2027, Renault Trucks will take over distribution. The distinction matters: despite the similar name, Renault Trucks is not part of Renault Group but a brand within the Volvo Group. Renault Group will push the battery-electric light commercial vehicles to production maturity and build them at its Sandouville plant. However, a Volvo Group subsidiary will handle sales and distribution, underlining the continued operational ties between the two manufacturers.
The impending change in ownership structure will also bring changes to the management team. The current CEO, Philippe Divry, has agreed with the Flexis board to hand over the role of CEO to Krishnan Sundararajan, effective 23 February 2026.
“What the teams have achieved over the past years makes me immensely proud. This agreement represents a transformative moment for Flexis. It secures the long-term financing, industrial resources, and commitment needed to bring our new range of electric vehicles to market and truly reshape urban logistics,” said Divry. “I have complete confidence in Krishnan’s leadership as we enter this new phase of the Flexis story. I wish him and Flexis team the very best.”
New CEO Krishnan Sundararajan added: “The agreement solidifies our ability to execute our ambitions: starting with delivering Renault Trafic Van E-Tech electric from and establishing leadership in sustainable light commercial vehicles. Our teams are energised and fully committed to this mission. With Renault’s backing and Volvo Group’s continued partnership, we have everything we need to succeed.”
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