The European Union (EU) competition authorities approved, on August 13 (local time), the establishment of an electric vehicle battery service joint venture by Germany's Bosch and Japan's Mitsubishi Heavy Industries.
According to the European Commission, the joint venture will be established in Germany and will be responsible for supporting electric vehicle battery lifecycle services (BaaS). Both companies plan to offer products and related services not only in the EU, but also in Japan, China, the United States, and India.
The Commission determined that the two companies have limited market shares, and therefore, there are no concerns about harming competition. The approval process was handled under the simplified merger review procedure.
The Commission stated, "This is an example of granting rapid merger approval for cases that clearly do not harm competition in Europe and help reduce regulatory burdens for companies."
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