The joint venture will focus on creating a new line of light commercial vehicles that embrace electric propulsion. The partnership intends to initially launch these vehicles in Europe, with ambitions for a global presence in the long term.
Volvo Business Services International AB, a wholly-owned subsidiary of AB Volvo, based in Sweden, and Renault SAS, a 100%-owned subsidiary of Renault S.A., headquartered in France, will jointly control the new company.
The concentration will be achieved through the acquisition of shares, with each company holding an equal 50% stake in the venture, including both shares and voting rights.
The European Commission concluded that the proposed collaboration would not pose any significant competition concerns. This determination stems from the limited market impact anticipated as a result of the joint venture.