Seven global automakers team up for EV charging, challenging Tesla

[Image source: Gettyimagesbank]

Seven global automakers, including Hyundai Motor Co., Kia Corp., General Motors Co. (GM), and Stellantis N.V., are forming a joint venture to install electric vehicle (EV) charging stations in North America. This collaboration among multiple global car companies, which are often competitors, is unprecedented and is interpreted as an effort to put the brakes on the EV charging standard that has been dominated by Tesla Inc.

On Wednesday (local time), Hyundai, Kia, BMW Group, GM, Honda Motor Co, Mercedes-Benz Group AG, and Stellantis announced that they will jointly invest in a new charging network to expand charging access for high-powered electric vehicles in North America. While the exact investment amount was not disclosed, industry insiders estimate it to reach at least $1 billion.

Through this joint venture, the seven companies plan to install a minimum of 30,000 charging stations in cities and highways. They stated that these charging stations will provide high-powered charging, digital integration, accessibility, and convenience while using renewable energy. Furthermore, they will offer both Combined Charging System (CCS) and North American Charging Standard (NACS) connectors to ensure all EV customers can use the charging stations.

NACS is the system applied to Tesla‘s charging stations known as “Superchargers.” The joint venture is expected to be established within this year.

The seven companies emphasized the ease and convenience of charging. The companies said that they could integrate in-app experiences within their vehicles, including features such as reservations, intelligent route guidance, and payment applications.