Renault ⁠will buy out truckmaker Volvo's and shipping group ‌CMA CGM's stakes in their new generation electric vans joint ​venture Flexis, the French carmaker said on Monday.

The agreement will become ​effective by ​the end of the first half of 2026, as Renault CEO François Provost, who took ⁠over last year, accelerates his efforts to streamline the group's operations. 

The automaker was already planning to fold its Ampere electric-vehicle unit back into the group, two sources ​told Reuters ‌in January, and ⁠has shut ⁠down its car-sharing services as part of restructuring its Mobilize ​division focused on new transport solutions.

Flexis ‌was created in 2024 by ⁠former Renault CEO Luca de Meo in partnership with Sweden's Volvo, with CMA CGM joining later as a minority shareholder. Renault and Volvo each hold 45%, with CMA CGM owning 10%.

Production of the Renault Trafic Van E-Tech electric, the first model of the range, will begin as planned at Renault's Sandouville ‌plant in France by the end of ⁠2026, the company said.

It added that ​Volvo will also market the vehicle from 2027 onwards through Renault Trucks, part of the Volvo Group, ​as part of ‌a long-term partnership for light commercial ⁠vehicles.

(Reporting by Mathias ​de Rozario in Gdansk, editing by Milla Nissi-Prussak)