A | LONDON -- Microsoft’s purchase of Call of Duty maker Activision Blizzard won final approval Friday from Britain’s competition watchdog, reversing its earlier decision to block the $69 billion gaming deal and removing the final obstacle for one of the largest tech transactions in history.The Xbox maker’s quest to acquire Activision — maker of other blockbuster games like Candy Crush, World of Warcraft, Diablo and Overwatch — could close imminently ahead of a Wednesday deadline. That would wrap up a merger delayed for close to two years by intense scrutiny from authorities around the world.The blessing from the U.K.'s Competition and Markets Authority was expected after it gave preliminary approval last month to a revamped Microsoft proposal meant to address concerns that the deal would harm competition and hurt gamers, especially in the emerging cloud gaming market where players can avoid buying pricey consoles and stream games to their tablets or phones. “The new deal will stop Microsoft from locking up competition in cloud gaming as this market takes off, preserving competitive prices and services for UK cloud gaming customers,” the watchdog said. Microsoft was grateful for the “thorough review and decision” on a tie-up that “will benefit players and the gaming industry worldwide,” President Brad Smith said.Activision CEO Bobby Kotick says the game maker looks "forward to becoming part of the Xbox Team.”The deal will benefit gamers and be “productive for the gaming industry as a whole," said Josh Chapman, managing partner at venture capital firm Konvoy, which invests in video game startups.However, it also tilts the “balance of power significantly" in favor of Microsoft, whose Xbox console has lagged behind Sony's PlayStation and Nintendo, said George Jijiashvili, senior principal analyst at tech research and advisory firm Omdia. Microsoft “now has a big opportunity to dictate the future of the games industry,” he said. Since the deal was announced in January 2022, Microsoft has secured approvals from antitrust authorities covering more than 40 countries. Crucially, it got a thumbs-up from the 27-nation European Union after agreeing to allow users and cloud gaming platforms to stream its titles without paying royalties for 10 years.But the deal faced resistance from British and American regulators who worried it would stifle competition in the video game industry. Top rival Sony also feared it would limit PlayStation gamers’ access to Call of Duty, Activision’s long-running military shooter series. The U.S. Federal Trade Commission lost a court bid to pause the deal so that its in-house judge could review it. The FTC hasn't given up, appealing the decision and last month filing notice of its plan to resume that trial. That signals the U.S. regulator's intention to unwind the deal even after it closes. In the meantime, the U.K. regulator was the last major hurdle to the transaction going through. To gets its approval, Microsoft will sell off cloud streaming rights outside the EU and three other European countries for all current and new Activision games released over the next 15 years to French game studio Ubisoft Entertainment. British regulators had initially blocked the transaction over concerns Microsoft could withhold Activision titles from the cloud gaming market. Then, in an unprecedented move, the U.K. watchdog said it needed to reconsider.One factor was the EU’s approval, granted after Microsoft promised to automatically license Activision titles royalty-free to cloud gaming platforms. Another “material change of circumstance,” according to court documents, was an agreement Microsoft signed with Sony to make Call of Duty available on PlayStation for at least 10 years.But the regulator still criticized how the deal came together and warned other companies not to use the “tactics employed by Microsoft.”“Microsoft had the chance to restructure during our initial investigation but instead continued to insist on a package of measures that we told them simply wouldn’t work,” the watchdog's CEO, Sarah Cardell, said in a statement. "Dragging out proceedings in this way only wastes time and money.”The U.K. regulator “deserves credit for imposing a structural remedy on Microsoft that is significantly stronger than the weak commitments accepted by the European Commission," said Max von Thun, director of the Europe office of the Open Markets Institute, a proponent of stronger antitrust enforcement. But the CMA's flip-flopping makes the U.K. regulator look “weak and indecisive,” he said.“Moving forward, there is now a serious risk that in their dealings with the CMA, merging companies and their advisors will no longer take no for an answer,” von Thun said. ___AP Technology Writer Matt O’Brien contributed from Providence, Rhode Island.。
图源：乘联分会秘书长崔东树汽车出口近几年从出口方面表现极其优秀，从 2021 年的 345 亿美元（现汇率约合 2,324.56 亿元人民币）上升到 2024 年的 1,174 亿美元（现汇率约合 7,910.24 亿元人民币），形成了爆发增长态势，而且在 2025 年依旧保持月度小幅的增长特征。4 季度汽车出口暴增，全年达到 1,424 亿美元（现汇率约合 9,594.7 亿元人民币），汽车出口创汇巨大。
图源：乘联分会秘书长崔东树7 月汽车零部件出口 94 亿美元（现汇率约合 633.36 亿元人民币），同比增长 14%；2026 年 1-7 月达到 607 亿美元（现汇率约合 4,089.88 亿元人民币），同比增长 8%，中国汽车零部件出口压力巨大，要跟着自主整车企业发展，要改变依托欧美的售后体系的特征。汽车零部件与汽车整车是完全两套需求体系，面对完全不同的市场，因此增速差异大。中国自主整车出口基本不去美国市场，中国汽车零部件出口是美国为主要市场。中国汽车零部件很早就实现超高的出口额，今年 1-2 月的出口零部件保持在 80 亿美元（现汇率约合 539.03 亿元人民币）的水平，7 月回升较大，高油价的压力明显。
图源：乘联分会秘书长崔东树摩托车出口 2026 年 1-7 月达到 134 亿美元（现汇率约合 902.87 亿元人民币），增 26%；7 月摩托车出口 21 亿美元（现汇率约合 141.49 亿元人民币），同比增 25%，燃油摩托车出口因高油价放缓，电动摩托暴增。由于油价暴涨，摩托出口减速。摩托车与汽车整车是完全两套需求体系，面对完全不同的市场，因此增速差异大。
B | 中国汽车整车出口基本不去美国，中国摩托车出口是多元的市场。近几年中国摩托车实现超高的出口额增长，且摩托出口单价表现较好。摩托是汽车学习的榜样，在缺少国内市场支撑下，电动化和充分市场价格竞争培育超强竞争力。
图源：乘联分会秘书长崔东树
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