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Hyundai, Kia invest in IONITY fast-charging JV

Kia Motors Company and Hyundai Motor Company,affiliated automotive companies for Hyundai Motor Group, have invested in IONITY, a joint venture established in 2017 between BMW Group, Daimler AG, Ford Motor Company, and Volkswagen Group with Porsche AG.

The Hyundai Motor Group will obtain equal shares in IONITY as those of founding partners.

Since its formation, IONITY has placed nearly 140 charging stations in Europe in operation with 50 more under construction. The technology of IONITY is characterized by a charging capacity of up to 350 kilowatts; its use of the universal charging standard Combined Charging System ensures the widest possible compatibility across EVs.

IONITY is expanding its network to 400 fast-charging stations by 2020, with an average of at least one site every 120 kilometers along major European highways. Its European distribution and brand-agnostic approach will significantly improve the image and accessibility of electric vehicles for both current EV users and prospective buyers.

The decision to join this network will provide enhanced benefits for Kia and Hyundai’s European customers.

Starting in 2021, Kia and Hyundai EVs will be equipped with 800V charging systems to accommodate IONITY’s maximum charging power of 350kW. Customers will be able to use IONITY’s HPC facilities, which are equipped with digital payment options, to significantly reduce charging times and better facilitate long-distance travel.

Our participation in this joint venture reaffirms the Group’s commitment to future electromobility. I am confident that our work with IONITY will open a new era of high-power charging experiences, where charging will be seamless and easier than refueling for our customers.

—Thomas Schemera, Executive Vice President and Head of Product Division at Hyundai Motor Group

In May, the Hyundai Motor Group announced a partnership with Croatia’s Rimac Automobili for development of high-performance EVs.

The investment in IONITY accentuates the Group’s continued efforts to become game-changers in a low-carbon emissions society, which includes deployment of 44 eco-friendly models by 2025. The Group will leverage the partnership to provide its customers with innovative experiences through enhanced electromobility.

Comments

HarveyD

A wise investment by IONITY.

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