The rising adoption of electric vehicles is leading towards increasing need for EV charging stations. In an effort to make owning an electric vehicle “even more attractive for millions of customers,” seven major automakers unveiled plans to establish an “unprecedented new charging network joint venture” across North America on Wednesday.
Increased Accessibility to High Speed EV Charging
At least 30,000 chargers will be placed in the United States and Canada as part of the initiative sponsored by BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz Group, and Stellantis NV. The Wall Street Journal quotes people with knowledge of the strategy as saying that the automakers aim to put $1 billion into a joint venture company that will develop the network.
“North America is one of the largest auto markets in the world and has the ability to lead the way in electromobility. One of the main accelerators to accelerating this transformation is accessibility to high-speed EV charging, according to Oliver Zipse, CEO of BMW Group. Therefore, in order to give EV users a favourable charging experience, seven automakers have formed this joint venture.
The stations “will be in convenient locations offering canopies wherever possible and amenities like restrooms, food service, and retail operations either nearby or within the same complex,” the firms said in a joint press release. The statement said, “A small number of flagship stations will be furnished with additional amenities, delivering a first-class experience intended to demonstrate the future of EV charging.”
Estimates for the Future
According to the U.S. Department of Energy, as of July 2023, there will be 32,000 publicly accessible DC fast chargers in the country, with an average of 72 vehicles per station, serving 2.3 million electric vehicles. According to the NREL’s (National Renewable Energy Laboratory) estimations, there will be a need for 182,000 DC fast chargers to service the 30-42 million plug-in vehicles that are anticipated to be in use by 2030.
The press release states, “U.S. electric vehicle sales are projected to surpass 50% of all U.S. sales by 2030, making the expansion of dependable EV charging infrastructure even more crucial to the widespread adoption of electric vehicles.”
According to estimates, the first stations will open in the United States by next summer, while those in Canada won’t be active until “a later date.” According to the press statement, “the joint venture is anticipated to be established this year, subject to customary closing conditions and regulatory approvals.”