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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the « summary of the transaction » below, containing the information provided by the parties.
This information was prepared by the notifying parties, who are solely responsible for it. Any inaccurate or distorted information contained therein in no way prejudges the position of the Competition Council on the proposed transaction.
The publication of this statement does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented.
Names of the companies and groups concerned:
- The founding companies:
- the company « Gotion High-tech Co., Ltd.».
- the company « Volkswagen Aktiengesellschaft ».
Nature of the transaction:
- Creation of joint ventures.
Economic sectors concerned:
- Automotive industry sector.
Period within which interested third parties are invited to submit their observations:
- 10 days from the date of publication of this statement, namely 23 novembre 2026.
NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION PROVIDED BY THE PARTIES
The Competition Council has received notification of a proposed economic concentration concerning the creation by the companies « Gotion High-tech Co., Ltd. » and « Volkswagen Aktiengesellschaft » of three joint ventures.
Gotion High-Tech Co., Ltd. is a company incorporated under the laws of the People’s Republic of China, whose registered office is located at No. 566, avenue Huayuan, district
de Baohe, Hefei, province d’Anhui, République populaire de Chine.
Volkswagen Aktiengesellschaft is a company incorporated under German law, registered in the Commercial Register of the Braunschweig District Court under number HRB 100484 and whose registered office is located at Berliner Ring 2, 38440 Wolfsburg, Allemagne.
The joint venture (the « Moroccan JV ») will be established by Gotion Power Africa S.A.S., a simplified joint-stock company incorporated under Moroccan law, registered in the Rabat Commercial Register under number 201791 and whose registered office is located at No. 28 rue Ejoukak, 10102 Rabat au Maroc, a wholly owned subsidiary of Gotion High-Tech Co., Ltd., which will initially hold the entire share capital of this joint venture.
Power Holdco Lux S.A., a company incorporated under the laws of the Grand Duchy of Luxembourg, registered in the Luxembourg Trade and Companies Register under number B257699 and whose registered office is located at No. 19-21, Route d’Arlon, 8009 Strassen, Grand-Duché de Luxembourg, an indirectly wholly owned subsidiary of Volkswagen Aktiengesellschaft, will then subscribe to newly issued shares representing 49 % of the share capital of the Moroccan JV, with Gotion Power Africa S.A.S. retaining the remaining 51 %. Consequently, the Moroccan JV will be jointly controlled, indirectly, by Gotion High-Tech Co., Ltd. and Volkswagen Aktiengesellschaft.
The creation of the Moroccan JV forms part of a broader strategic collaboration between the Gotion and Volkswagen groups concerning the supply, production and sale of battery cells, implemented through the simultaneous creation of three interdependent « greenfield » joint ventures: the Moroccan JV, a joint venture in Valence, Spain (the « Valence JV »), and a joint venture in Šurany, the Slovak Republic (the « Surany JV »).
The Valence JV, PowerCo Battery Spain S.A.U., currently wholly owned by PowerCo. The Valence JV will be engaged in the production of lithium iron phosphate (LFP) automotive battery cells, using cathode active material (« CAM ») that will be supplied in part by the Moroccan JV.
The Surany JV corresponds to a new entity that will be established by Gotion GmbH in Šurany, the Slovak Republic. The Surany JV will be engaged in the production of LFP automotive battery cells, using CAM that will be supplied in part by the Moroccan JV.
As the completion of each of these three joint ventures is conditional on that of the other two, their creation constitutes a single transaction, which is the subject of this overall notification.
The markets concerned by the transaction in Morocco are those of the production
and supply of (i) automotive battery cells and (ii) cathode active material used as a raw material for LFP battery cells intended for electric vehicles.
Done in Rabat, on 12 novembre 2026.
