Lotte and Hyundai Motor Group to work together to expand EV charging infrastructure in the future
16. December 2022The two South Korean corporations Hyundai Motor Group and Lotte Group will work together in the future to expand and develop the charging infrastructure for EVs. Company spokespersons made the announcement at the beginning of November. The alliance to strengthen the e-mobility sector was launched on the initiative of chairmen Chung Euisun (Hyundai) and Shing Dong-bin (Lotte). To this end, the companies signed an agreement to establish the “Electric Vehicle Super-Speed Charging Infrastructure Special Purpose Company” in November. The financial company KB Asset Management is participating in the project. Another joint venture, not yet named, consisting of the three companies will have an investment volume of around 211 million US dollars, according to local media reports. Equipment and components used in the production of charging elements for e-cars require KC certification in many cases.
The business model of the joint venture is to lease EV fast chargers to companies in order to keep the investment costs low for the operators. A total of 5,000 fast-charging stations are to be built in the country’s largest cities by 2025. The charging stations will be installed primarily in the distribution centres of the Lotte Group as well as Hyundai’s salesrooms and workshops. The cooperation between Hyundai and Lotte is seen as a major step towards expanding the EV charging infrastructure in South Korea. According to the Ministry of Environment, there are currently around 150,000 charging stations compared to 350,000 registered EVs. While experts believe that Hyundai and Lotte will take the lead in the increasingly competitive market for charging stations with the planned investment, other companies such as SK, LG, GS, Hanwha and LS are also poised to enter this business. SK Group, for example, acquired charging station manufacturer Signet V last year, while LG Group and GS Group also jointly acquired AppleMango, a charging station manufacturer.
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