EU Commission greenlights Volvo-Renault merger for electric vehicle market
The European Commission has approved the formation of a joint venture between Swedish automaker Volvo and French giant Renault. This strategic move is aimed at strengthening their position in the electric vehicle market.
According to the European Commission, the proposed merger is set to have a limited market position and will not impede competition. In this 50-50 joint venture, Volvo (Nasdaq: VOLV B) and Renault (Euronext CAC40: RNO) will collaborate on the development, production, and sales of commercial electric vehicles.
On 9 January 2024, the European Commission announced that it has decided, under the EU Merger Regulation, to approve the creation of a joint venture by Volvo Business Services International AB and Renault SAS. Volvo Business Services International and Renault intend to acquire, joint control over “FlexEco”, a full-function joint venture for the development, production and sale of a new light commercial vehicle product and ancillary logistic services, initially in Europe and ultimately worldwide.
Published by CorD Magazine, Thomson Reuters, European Commission
Article written and copyright © CorD Magazine, Thomson Reuters, European Commission
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