SEOUL, April 21 (Korea Bizwire) — Hyundai Motor Group is joining hands with retail giant Lotte Group and the asset management arm of the KB Financial Group to set up infrastructure for ultra-fast charging stations for electric vehicles (EVs).
The three companies signed an agreement to establish a special purpose company (SPC) dedicated to the project on Wednesday.
They will collaborate through the SPC to set up ultra-fast EV charging stations in major business locations across the country to ensure easy access throughout major cities.
The SPC will then invite dedicated EV charging station operators to establish 2,500 ultra-fast charging stations across major cities and towns by 2025, setting up two charging connectors per station.
Hyundai Motor Group will be offering its business locations including Hyundai Motor dealers, service centers and parts suppliers across the country to set up the charging stations there.
In addition, the SPC’s business model will be synced with Hyundai’s Electric Vehicle Charging Service Platform (E-CSP) to offer a wider variety of services for customers.
Lotte Group also plans to offer its major retail facilities across the country to set up the charging stations.
KB Asset Management will organize an infrastructure fund to invest in the project and support the process financially.
Kevin Lee (email@example.com)