The automakers did not specify how much they would invest individually or collectively, but said they would be open to additional investment or participation from other companies, including outside the auto industry. A name for the venture was not announced.
Tesla, which accounted for more than 60 percent of U.S. EV sales last year, has the largest current network of fast-chargers with almost 18,000 Superchargers in the United States.
Tesla said earlier this year it would open part of that charging network to EVs from rival brands in order to be eligible for a share of funding from the $7.5 billion in federal subsidies on offer to expand the use of EVs.
Tesla’s lead in building out a network of chargers has given it sway in setting the standard for how future EVs will connect and power up, something smaller charging companies and other EV makers have viewed with concern.
GM, Mercedes and others have signed on to adopt Tesla-developing charging technology from 2025 to get access to a larger share of its Superchargers. The other automakers – Stellantis, Hyundai, Honda and BMW – have not committed to the Tesla North American Charging Standard (NACS) and have product plans that rely on the rival Combined Charging System (CCS).
The new charging company will support both CCS and the Tesla standard.
“A strong charging network should be available for all – under the same conditions – and be built together with a win-win spirit,” Stellantis CEO Carlos Tavares said in a statement.
In a statement, chief executives of the seven auto brands said a charging network built out like gas stations with restrooms, food service and retail operations would support a faster rollout of EVs, which they said they expected would top 50 percent of U.S. sales by 2030.
The new company would compete against established EV charging companies, including Volkswagen’s Electrify America, ChargePoint and EVGo, which are also looking to accelerate the rollout of chargers with federal funding.
The Biden administration has set a target of hitting 500,000 chargers by 2030, an almost four-fold increase.
