SEOUL -- South Korea's Hyundai auto group will speed up the development of high-performance electric vehicles following its strategic investment in IONITY, a joint venture of BMW and other major auto companies, that builds a high-power charging network along the main highways in Europea.
The Hyundai Motor Group signed a contract with IONITY for investment and strategic business cooperation. The group will have a 20 percent stake in the joint venture, the same as BMW and other partners. Financial terms were not disclosed.
With its strategic investment in IONITY, Hyundai said it would speed up the development of high-power electric vehicle and expand sales of electric vehicles in Europe. Hyundai plans to equip electric vehicles to be released after 2021 with an 800V charging system that can be supercharged. The 350-kilowatt super-fast charger offered by IONITY can travel more than 100 kilometers with just a three-minute charge.
IONITY, the Munich-based joint venture between BMW, Ford Motor, Daimler AG, and the Volkswagen Group with Porsche AG, has established a high-power charging network in Europe.
"Hyundai Motor Group brings significant international experience and know-how with a full strategic commitment to e-mobility. 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," IONITY CEO Michael Hajesch said in a statement posted on INONITY's website.
"Our participation in this joint venture reaffirms the Group’s commitment to future electromobility," said Thomas Schemera, head of Hyundai's product division. "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."
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