PARIS - Carmakers Renault and Volvo and shipping group CMA CGM said on Friday they will jointly develop a new generation of electric vans, aiming to begin production in 2026.

Renault and Volvo signed binding agreements to launch a new company where they will initially each hold a 50% equity stake and invest 300 million euros over the next three years, they said in a statement.

CMA CGM signed a non-binding letter of intent with Renault and Volvo to join the new company and invest 120 million euros through PULSE, its Energy Fund dedicated to accelerating the decarbonization of transport and logistics sectors. There was no further detail on when this might happen or what stake it may take in the venture.

The creation of the new company is expected early 2024 and remains subject to the completion of all regulatory approval processes.

  - Reuters