Toyota Invests in EV Charging Network IONNA to Enhance Charging Access for Customers (Image courtesy of Toyota)
SEOUL, Jul. 11 (Korea Bizwire) – In a move that could reshape the electric vehicle charging landscape in North America, Toyota, the world’s largest automaker, announced on July 10 its decision to invest in Ionna, a joint venture formed by seven major global car manufacturers to build an extensive EV charging network.
Ionna, established last July, represents a coalition of automotive giants including Hyundai, Kia, BMW, General Motors, Honda, Mercedes-Benz, and Stellantis. This alliance, now joined by Toyota, is widely seen as a unified front against Tesla, which currently controls about two-thirds of high-speed charging stations in the United States.
While the exact amount of Toyota’s investment has not been disclosed, the seven original partners reportedly committed to investing at least $1 billion in equal shares. The addition of Toyota is expected to significantly bolster the alliance’s resources and reach.
The joint venture aims to install a minimum of 30,000 high-power charging stations across urban areas and highways in North America. In a strategic move to ensure widespread accessibility, Ionna plans to equip its stations with both the existing Combined Charging System (CCS) standard and Tesla’s North American Charging Standard (NACS) connectors.
Toyota’s entry into this charging alliance is likely to intensify competition with Tesla, which has spent over a decade expanding its Supercharger network to capture 60% of the high-speed charging market in the United States.
Currently, Toyota offers two electric vehicle models in the U.S. and Canada markets: the Toyota bZ4X and the Lexus RZ. The Japanese automaker has set ambitious goals for its EV future, aiming to introduce 30 electric vehicle models globally and achieve an annual production of 3.5 million units by 2030.
Kevin Lee (kevinlee@koreabizwire.com)
