FRANKFURT -- Ionity, the European electric vehicle charging joint venture of Volkswagen Group, BMW, Daimler and Ford, said on Monday that South Korea's Hyundai Motor had joined as a shareholder.
Ionity aims to install 400 high-speed charging stations across Europe by the end of next year in a bid to combat concerns about the range of EVs, which is still considered a key factor limiting demand.
So far, the venture has installed 140 stations in 14 European countries, while a further 50 are under construction.
"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," CEO Michael Hajesch said in a statement.
No financial details were disclosed about Hyundai Motor's involvement.
The announcement comes on the eve of before the Frankfurt auto show, where sustainable driving and electric cars will take center stage. Volkswagen will display its ID3 electric vehicle, Porsche its Taycan battery-powered sports car, and Mercedes-Benz its e-van.
Automakers are pouring much of their cash into developing EVs, while energy providers hesitate to take on responsibility for the rollout, as long as electric car sales remain too low to provide a profitable customer base.