Hyundai Motor invests in IONITY to democratise high-power EV charging network.
09 September, 2019
9 September, 2019 - Hyundai Motor Company alongside Kia Motors Corporation today announced its investment into IONITY, a joint venture established by global automakers. Under the agreement Hyundai and Kia, affiliated automotive companies for Hyundai Motor Group (the Group), will play a key role in further enhancing the availability of EV charging stations with additional convenience benefits for its customers.
The decision to join this network will provide enhanced benefits for Hyundai and Kia’s European customers. Starting in 2021, Hyundai and Kia EVs will be equipped with 800 volt charging systems to accommodate IONITY’s maximum charging power of 350 kilowatts. 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.
IONITY is a joint venture established in 2017 between BMW Group, Daimler AG, Ford Motor Company, and Volkswagen Group with Porsche AG. Since its formation, it currently has nearly 140 charging stations in Europe in operation with 50 more under construction. The technology of IONITY is characterised 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.
“Our participation in this joint venture reaffirms the Group’s commitment to future electromobility,” said Thomas Schemera, Executive Vice President and Head of Product Division at Hyundai Motor Group. “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.”
Through extensive R&D efforts and multiple partnerships with industry leaders, the Hyundai Motor Group has continually cemented its position as a leader in electric vehicles and alternative propulsion. In May, the 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.
IONITY is glad to welcome the new shareholder on board. “Hyundai Motor Group brings significant international experience and know-how with a full strategic commitment to electromobility. The participation of new investors in IONITY is a clear signal of trust indicating that the work of our young company is already bearing fruit,” said IONITY CEO Michael Hajesch.
The Group will obtain equal shares in IONITY as those of founding partners, BMW Group, Daimler AG, Ford Motor Company, and the Porsche AG.