Despite ongoing conflicts between the European Commission and China, the Commission has approved a three-way deal between Chinese auto firm Seres Group with BMW and Mercedes-Benz to jointly control Beijing-based EV charging operator Beijing IONCHI New Energy Technology Co., with 33% ownership each, to build charging stations across China. The report in Global Times notes that this is a “market where they also compete for premium electric vehicle (EV) buyers.”
The EC decided on August 12 “not to oppose” the transaction, finding it compatible with the EU internal market and noting its limited impact on competition in the European Economic Union, Global Times reports, without referencing the ongoing collapse of much of the German auto sector. They note, however, that “The deal also comes as China and Germany have stepped up efforts to deepen industrial cooperation and keep supply chains stable, even as broader China-EU trade frictions persist.”