The European Commission has approved Mercedes-Benz China, BMW Brilliance Automotive and Seres Group taking joint control of Beijing IONCHI New Energy Technology, known as Ionchi. <\/p>\n
Ionchi had previously been under the joint control of Mercedes and BMW. <\/p>\n
Following the approved transaction, Seres becomes a third joint owner of the venture. <\/p>\n
Ionchi was established in 2024 and operates public high-power charging infrastructure and charging service networks for electric vehicles in China. <\/p>\n
Its operations combine fast charging with station operation, maintenance, customer service and the use of 100% renewable energy. <\/p>\n
The deal received clearance under the European Union Merger Regulation, following the simplified merger review procedure. <\/p>\n
According to the Commission, the transaction does not raise competition concerns, given its limited impact on the European Economic Area. <\/p>\n
The approval follows an announcement made in April that Seres would become an equal shareholder in Ionchi, joining BMW and Mercedes-Benz, with each of the three companies holding a 33.3% stake in the joint venture. <\/p>\n
Under that arrangement, AITO, the premium brand of Seres Group, would contribute to the development of Ionchi’s charging infrastructure. <\/p>\n
The venture would continue offering charging services to eligible vehicles generally, while also providing exclusive experiences to BMW, AITO and Mercedes-Benz customers. <\/p>\n
According to its website, the company plans to deploy more than 7,000 ultra-fast charging piles across over 40 cities by the end of 2027. <\/p>\n
At the time of announcement, Seres said: “Through the continued expansion of high-quality charging infrastructure and the integration of advanced technologies, IONCHI will continue to contribute to the development of China’s electric mobility ecosystem. In addition, all shareholders share a long-term commitment to supporting the development of sustainable mobility in China.” <\/p>\n
In November last year, Seres Group raised<\/a> HK$14.3bn ($1.8bn) through a listing in Hong Kong. <\/p>\n The EV maker sold approximately 108.6 million shares at HK$131.50 each, a total that included 8.4 million additional shares which increased the offering by roughly 8.4%. <\/p>\n