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 Mobilise 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.