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Mercedes-Benz and BMW to establish JV for high-power charging network in China

Published Nov 30, 2023 01:23AM ET
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© Reuters. The logo of Mercedes-Benz is seen outside a Mercedes-Benz car dealer in Brussels, Belgium June 1, 2023. REUTERS/Yves Herman/File Photo
 
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(Reuters) - German automaker Mercedes-Benz (OTC:MBGAF) said on Thursday it had reached an agreement with BMW (ETR:BMWG) to establish a joint venture for operating a high-power charging network in China.

At least 1,000 high-power charging stations with around 7,000 charging piles in the country are expected to be installed by the end of 2026, the company said in the statement, adding the deal was subject to regulatory approval.

The first stations are scheduled to start operating in 2024 in regions with higher sales of electric vehicles.

Mercedes-Benz announced earlier this year that it would invest billions of euros in building its own charging network of 10,000 fast-charging points in North America, Europe and China by 2030.

Mercedes-Benz and BMW to establish JV for high-power charging network in China
 

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