A newly formed joint venture between four car makers said Friday that it will build a network of charging stations for electric vehicles across Europe.
Volkswagen AG (VOW.XE), Daimler AG (DAI.XE), Bayerische Motoren Werke AG (BMW.XE) and Ford Motor Co. (F) said that the joint venture, called Ionity, will build around 400 fast-charging stations on major European thoroughfares by 2020. The companies have equal shares in the joint venture and other auto manufacturers are invited to help expand the network, they said.
The companies didn't disclose any financial details.
The joint venture will develop and build a high-power charging network for electrically powered vehicle, with up to 20 charging stations to be opened in 2017 on major roads in Germany, Norway and Austria.
The charging points will be created in partnership with gas station operators Autobahn Tank & Rast GmbH, Alimentation Couche-Tard Inc.'s (ATD.A.T) subsidiary Circle K and OMV AG (OMV.VI).
Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
November 03, 2017 03:58 ET (07:58 GMT)