Renault and Volvo have been granted regulatory approval to launch their joint venture developing a new ‘generation’ of electric vans.
Based in France, “The new company will address the growing needs of decarbonized and efficient urban logistics,” Renault said in a statement.
Called Flexis SAS, production of the first software-defined vehicle, which can be added with new features and functions through updates, is planned for 2026.
Both carmakers will invest €300 million (£256.3 million) over the next three years, while French shipping firm CMA CGM Group has confirmed interest in a €120 million injection.
Renault and Volvo will own 50% of the firm each initially under the deal, which was first signed in October before being finalised in March, with CMA CGM to join as a partner later.