Flexis is entering a new phase of its development as its three founding shareholders — Renault Group, Volvo Group, and CMA CGM Group — have reached an agreement enabling Renault Group to acquire full ownership of the company.

Under the terms of the agreement, Renault Group will purchase the 45% stake held by Volvo Group and the 10% stake held by CMA CGM Group. The move is intended to provide the stability and resources needed to accelerate the development and industrialisation of Flexis’ next generation of fully electric light commercial vehicles.

Despite the governance change, the company’s product ambitions and industrial roadmap remain unchanged. Volvo Group will continue as a partner, with Renault Trucks set to distribute the vehicles from 2027 onward.

The transaction remains subject to the completion of relevant regulatory approvals.

As part of the transition, Philippe Divry has stepped down as CEO by mutual agreement with the Board, effective 23 February 2026. Krishnan Sundararajan has been appointed as his successor, ensuring leadership continuity as the company moves into its next stage.

Philippe Divry said: "What the teams have achieved over the past years makes me immensely proud. This agreement represents a transformative moment for Flexis. It secures the long-term financing, industrial resources, and commitment needed to bring our new range of electric vehicles to market and truly reshape urban logistics. I have complete confidence in Krishnan's leadership as we enter this new phase of the Flexis story. I wish him and Flexis team the very best."

Krishnan Sundararajan said: "We are now ready to accelerate and scale. The agreement solidifies our ability to execute our ambitions: starting with delivering Renault Trafic Van E-Tech electric from and establishing
leadership in sustainable light commercial vehicles. Our teams are energised and fully commited to this mission. With Renault's backing and Volvo Group's continued partnership, we have everything we need to succeed."