Tesla’s Charging Network Has a New Challenger Backed By Several Big Names

For the electric vehicle revolution to come to fruition, drivers will need a fuel network that is at least as robust as the network of gas stations that are the backbone of the current transportation apparatus. 

Now a group of seven automakers have banded together to make that charging network a reality in North America with a promise to build DC charging stations all across the continent. 

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BMW, General Motors  (GM) – Get Free Report, Honda, Hyundai, Kia, Mercedes-Benz and Stellantis announced a planned joint venture to install at least 30,000 high-speed EV chargers by 2030.

The group expects the first batch of chargers to be operational in the U.S. by summer 2024. 

The group says that the joint venture “aims to become the leading network of reliable high-powered charging stations in North America,” according to a press release. 

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“North America is one of the world’s most important car markets — with the potential to be a leader in electromobility,” BMW Group CEO Oliver Zipse said. “Accessibility to high-speed charging is one of the key enablers to accelerate this transition. Therefore, seven automakers are forming this joint venture with the goal of creating a positive charging experience for EV consumers.”

The group is now competing against a consortium led by EV market leader Tesla  (TSLA) – Get Free Report to also build an EV charging network in North America. 

Tesla partnered with Ford  (F) – Get Free Report, GM, Volvo, and Rivian  (RIVN) – Get Free Report to give drivers of those vehicles access to the 12,000 fast charging stations the company has already built. 

Earlier this month, Mercedes announced that its drivers will also have access to Tesla charging stations starting in 2024 even while the German automaker builds out its own charging network.

The first Mercedes charging station sites are set to open in the fourth quarter of this year with the company expecting to have 2,500 charging stations in North America. 

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