Hyundai Motor invests in EV charging network
Hyundai Motor Group has invested in Europe’s largest fast electric vehicle (EV)-charging network, IONITY, to boost sales of its high-efficiency EVs in the region, the company said Monday.
The auto giant signed a strategic partnership agreement to acquire a 20 percent stake in IONITY, a joint venture established between BMW Group, Ford, Daimler AG and Volkswagen Group in 2017. Financial terms were not disclosed.
The company’s latest deal is aimed at reducing high-power EV charging times and facilitating long-distance EV travel, according to the company.
“Our participation in this joint venture reaffirms the Group’s commitment to future electromobility,” said Thomas Schemera, executive vice president of Hyundai Motor Group.
“I am confident that our partnership with IONITY will open a new era of high-power charging experiences, where charging will be seamless and easier than refueling for our customers.”
IONITY’s core mission is to build an extensive and reliable high-power charging network for EVs in Europe that provides a maximum charging power of 350 kilowatts, seven times more powerful than normal rapid chargers.
It plans to expand its network to 400 fast charging stations by 2020, with an average of at least one every 120 kilometers along major European highways. The joint venture currently operates 140 charging stations in Europe, with 50 more under construction.
Meanwhile, Hyundai aims to install 800-volt charging systems in its EV models starting 2021 to accelerate the development of high-efficiency EVs and electric sports cars.
The group said its EVs will be able to travel up to 100 kilometers on just a three-minute charge using IONITY’s 350-kilowatt chargers.
Europe is Hyundai’s biggest EV market, accounting for more than half of the company’s global EV sales.
In the first six months of this year, the group sold 23,000 EVs in Europe, more than triple from the same period a year earlier.
Hyundai Motor Group Executive Vice President Thomas Schemera, front row left, and IONITY CEO Michael Hajesch, front row right, pose for a photo with officials from BMW, Mercedes-Benz, Ford and Porsche after signing a strategic partnership agreement at IONITY’s headquarters in Munich, Germany, Friday.