Hyundai Mo­tor invests in EV charg­ing net­work

The Korea Times - - BUSINESS - By Kwak Yeon-soo [email protected]­re­

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.

Cour­tesy of Hyundai Mo­tor Group

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.

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