Brussels – The European Commission gave its green light to the proposal of a new joint-venture between Volvo and Renault aimed to develop, produce and sale electric light commercial vehicles as well as the provision of logistics services. Submitted to the EU executive branch on December, the 6th, 2023, the operation doesn’t raise concerns regarding competition and the functioning of the single market.
According to the proposal notified and then approved by the European Commission, Volvo and Renault will acquire joint control over FlexEco, a full-function joint venture for electric vehicles and ancillary
logistic services, to be initially launched in Europe and ultimately worldwide. The concentration will be accomplished by way of purchase of shares. Volvo and Renault will each hold 50% of the shares and voting rights in the joint venture.
