BOULOGNE-BILLANCOURT (dpa-AFX) - French auto major Renault Group (RNSDY.PK,
RNSDF.PK, RNT.L) announced Wednesday that CMA CGM Group joined Flexis SAS as
founding member with the purchase of a 10% stake in the joint venture.

The JV for the next generation of electric vans was founded on March 22 by
Renault Group and Volvo Group, holding each a 45% stake. Both companies plan to
invest 300 million euros each over the next three years.

CMA CGM, through PULSE, its energy fund, acquired the stake in Flexis and has
confirmed its interest for a strategic investment up to 120 million euros by
2026.

Flexis SAS will be based in France, and the all-electric vans based on connected
electronic platform will be produced in Renault Group's Sandouville plant in
France. The plant will recruit 550 people over the next four years.

Further, the companies noted that Philippe Divry is appointed as CEO of the new
company and Krishnan Sundararajan as COO.

Volvo Group, Renault Group and CMA CGM Group are creating Flexis SAS aiming to
lead the decarbonization of transport and logistics sectors.

According to the firms, the European market for electrified vans is expected to
grow by 40% per year in average until 2030. The strong upcoming demand reflects
professional customers' increasing pressure from climate change and CO2
regulations, as well as booming business of e-commerce and logistics.



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