What’s new: China’s market regulator has approved a joint venture between subsidiaries of German automakers Mercedes-Benz Group AG and BMW AG that will work on building a rapid charging network in the world’s largest electric vehicle (EV) market.
The joint venture will be set up by Mercedes-Benz Group China Ltd. and BMW Brilliance Automotive Ltd., according to a statement published Sunday by the State Administration for Market Regulation.
The background: The approval comes as a growing number of automakers such as Tesla Inc. and Zhejiang Geely Holding Group Co. Ltd. have constructed or announced plans to build EV charging networks in China to generate additional revenue.
In November, BMW and Mercedes-Benz announced that they had reached an agreement to establish the joint venture in China “to provide Chinese customers with premium charging services.”
The venture aims to install at least 1,000 high-power charging stations with around 7,000 charging piles in China by the end of 2026, the companies said in the statement. The first charging stations are expected to be up and running later this year.
Contact reporter Wang Xintong (xintongwang@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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