The European Commission has approved a joint venture between Germany’s Bosch and Japan’s Mitsubishi Corporation to provide battery swapping services, initially targeting the Chinese market. The companies said the venture aims to advance electric vehicle (EV) battery performance and improve total cost of ownership for fleet operators.
The approval, granted under the EU Merger Regulation, concluded that the joint venture poses no competition concerns, citing its limited activities in the European Economic Area (EEA) and the relatively small market positions of both companies in relevant markets.
The partnership, first announced in March 2022 alongside Blue Park Smart Energy (BPSE), will leverage BPSE’s battery exchange platform in China. Bosch will use its Battery-in-the-Cloud service to monitor and analyse battery performance, optimising longevity and efficiency. BPSE is part of the BAIC Group, with a 13.3% stake acquired by SK Innovation in 2021.
The joint venture originally planned to conduct a proof of concept in China with an eventual goal of global expansion, though no timeline or investment details have been disclosed. Neither Bosch nor Mitsubishi has issued a statement following the EU approval.
The European Commission noted that the joint venture’s operations in the EEA are minimal and highlighted its potential contribution to the EV sector, describing it as “a pivotal sector for decarbonisation efforts in Europe and beyond.”