發布日期:2023-01-28 06:21:49
Hyundai Motor Group's EV charging station E-pit on Jeju Island / Courtesy of Hyundai Motor Group
By Kim Hyun-bin
Hyundai Motor Group and Lotte Group are teaming up to expand electric vehicle (EV) charging infrastructure, according to company officials Thursday. The two have formed an alliance to strengthen the mobility sector, which has been emphasized by Hyundai Motor Group Executive Chair Chung Euisun and Lotte Group Chairman Shin Dong-bin.
Hyundai Motor Group and Lotte Group will sign a contract to establish an "Electric Vehicle Super-Speed ??Charging Infrastructure Special Purpose Company" as early as this month. KB Asset Management will also participate in the project. The three companies have decided to newly establish a joint venture and are currently adjusting the final investment scale, which local reports state will be around 300 billion won ($211 million).
"We are negotiating the total investment amount," a Lotte Group official said.
The three companies plan to develop a new infrastructure business model that leases EV super-fast chargers to charging companies allowing operators to reduce initial costs by renting the chargers.
By 2025, 5,000 ultra-fast chargers are planned to be installed in major cities across the country. Chargers will be installed at Lotte Group's major distribution facilities nationwide as well as Hyundai Motor Group's sales offices and service centers.
This cooperation between Hyundai Motor Group and Lotte Group will be a great stepping stone for the expansion of domestic charging infrastructure. According to the Ministry of Environment, there are about 150,000 EV charging stations in Korea, while the number of EV registrations is around 350,000.
Through this investment, Hyundai Motor Group and Lotte Group are planning to take the lead in the increasingly competitive EV charging market. Other major groups such as SK, LG, GS, Hanwha and LS are also actively entering the EV charging business. SK Group bought Signet V, a charger manufacturing company, last year, and LG Group and GS Group also jointly acquired Apple Mango this year.
However, the construction of domestic EV charging infrastructure is still in its infancy compared to overseas. In Europe, IONITY, which was invested in by major local carmakers including BMW, Daimler and Volkswagen, is providing EV charging services in 19 European countries. In the U.S, Electrify America, a subsidiary of Volkswagen, operates 1,800 fast chargers across the country.