Volvo, Renault S.A. and CMA CGM will create the joint venture for productions electrovans

Car makers Volvo Group and Renault S.A. Group, and also the French logistic operator of CMA CGM plan to create the joint venture (JV) for release of vans with an electric motor, reports MarketWatch. The Swedish and French autoconcerns invest in the joint venture 300 million euros ($316,5 million) within the next three years and will receive on 50% of actions of future enterprise. CMA CGM, in turn, intends to enclose in the project of 120 million euros. In the short term Volvo and Renault S.A. will continue search of partners and sources of investments for implementation of the drawn-up plans. On condition of agreement approval...