Hyundai Motor Co. and Kia Motors Corp. have invested in IONITY GmbH, the European electric-vehicle charging joint venture of Bayerische Motoren Werke AG, Daimler AG, Ford Motor Co. and Volkswagen AG-owned Dr. Ing. h.c. F. Porsche AG.
The South Korean carmakers and Ionity announced the move in separate announcements Sept. 9. The parties did not disclose the size of the investment, which is subject to clearance by merger control authorities, but Hyundai said it will obtain equal shares in Ionity as those of its founding partners.
The Seoul-based group said the investment will provide enhanced benefits for Hyundai and Kia's European customers. As a result of the partnership, Hyundai and Kia's electric vehicles will be equipped with 800 volt charging systems starting 2021 to accommodate Ionity's maximum charging power of 350 kilowatts.
Hyundai and Kia customers will also gain access to Ionity's high-power charging network facilities, which have digital payment options.
Ionity operates nearly 140 charging stations across Europe, with 50 more under construction. The charging company is seeking to expand its network to 400 by 2020, with an average of at least one site every 120 kilometers along major European highways.
In June, German carmaker Volkswagen said it will install 400 fast-charging stations in Europe by 2020 through Ionity. Volkswagen already has a separate charging infrastructure subsidiary, Elli Group GmbH, which was established in January to offer renewable energy and charging services for Volkswagen's brands of cars, as well as to customers outside the group.
