Ionity, Volkswagen Group, BMW, Daimler and Ford’s European electric vehicle charging joint venture, said Monday that South Korea’s Hyundai Motor had entered as a shareholder.
Ionity seeks to build 400 high-speed charging stations across Europe by the end of next year to address issues over the spectrum of EVs, which is still regarded to be a main limiting factor in supply. So far, in 14 European nations, the undertaking has built 140 stations, while another 50 are under development.
“Ionity’s involvement of fresh investments is a definite indication of the confidence that our youthful company’s job is already carrying fruit,” CEO Michael Hajesch said in a declaration.
No economic information on the participation of Hyundai Motor was revealed.
The announcement arrives on the occasion of the auto show in Frankfurt, where the focus will be on sustainable driving and electric cars. Volkswagen will be showing its electric ID3 vehicle, its Taycan battery-powered sports car Porsche and its e-van Mercedes-Benz.
Automakers pour much of their money into creating EVs, while energy suppliers refuse to take on the rollout obligation as soon as electric car revenues stay too small to provide a lucrative client base.