Toyota nyse Tm Joins Group of Automakers to Help Build Ev Charging Network

Toyota (NYSE: TM) Joins Group of Automakers to Help Build EV Charging Network

Toyota (NYSE: TM) has joined a group of major automakers to back electric vehicle charging firm, IONNA, which is building a high-powered EV charging network across North America, the companies said on Wednesday.

The group’s statement did not provide a value or additional details on the investment.

Seven large automakers, including Mercedes, GM, Stellantis, Honda, BMW, and Hyundai-Kia formed IONNA as a joint venture last year to develop a fast-charging network that would compete with the Tesla Supercharger network.

Toyota’s investment in the JV will give Toyota and Lexus customers access to the public network of DC fast chargers IONNA will begin deploying later this year. 

IONNA plans to install at least 30,000 charging ports in North America by 2030.

(Source: Reuters)