Hyundai buys share in IONITY

Hyundai Motor Company has invested in IONITY, the joint venture between BMW Group, Daimler AG, Ford Motor Company and the Volkswagen Group (along with its subsidiaries Audi and Porsche AG). Hyundai will gain an equal share in the venture to those of the other shareholders. The investment will go toward the further development of the electric vehicle charging station infrastructure that is IONITY’s primary focus. Beginning in 2021, electric vehicles produced by Hyundai will include 800 volt charging systems which are compatible with IONITY’s 350 KW maximum charging power. This will provide Hyundai electric vehicle drivers to access a wider variety of charging stations throughout Europe. IONITY currently operates 140 European charging stations and has 50 currently undergoing construction. The joint venture hopes to expand its network to 400 European charging stations by 2020. Most of these charging stations are planned near major European highways, as IONITY’s stated mission is to develop an average of one electric vehicle charging station every 120 kilometres along Europe’s highways.

Hyundai recently partnered with Croatia’s Rimac Automobili to develop electric vehicles. The company has plans to deploy 44 eco-friendly vehicle models by 2025, including both fully-electric vehicles and hybrids. As more electric models are produced, like Porsche’s Taycan, reported on here, the electric vehicle market requires increased infrastructure, and consumers who purchase electric vehicles from different manufacturers will require access to this infrastructure. Joint ventures like these may allow for the continued growth of the electric vehicle market, a recent standout that has seen record growth despite a declining wider automobile market, reported on here.

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