Ionity, the charging network start-up joint venture between VW, Daimler, Ford and BMW, is in talks to significantly expand its European electric vehicle charging network to keep pace with the growth of electric vehicle sales in Europe.
The carmakers are considering additional funding for Ionity, which has been building fast charging stations along European motorways since 2017, following the example of Tesla's (670, 15.13, 2.31%) network of superchargers.
Electric car sales in Europe tripled last year and the companies are concerned that the long queues in front of ev charging stations could put off potential buyers.
Ionity and its shareholders are in discussions to develop plans for future growth, including a rapid expansion of high-speed charging infrastructure. Michael Hajesch, the company's chief executive, said, "Additional investment opportunities are being considered."
Any additional funding would support Ionity to start targeting urban areas and low-traffic highways where Ionity currently does not exist.
Last year, Europe overtook China as the world's largest electric car sales region, with generous incentives coupled with the threat of tough emissions fines boosting electric car sales. As sales grow - VW alone plans to double its electric car deliveries this year - carmakers are also lobbying the EU and national governments to support the construction of one million public charging points by 2024, up from 224,500 last year nearly 3.5 times more than last year's 224,500.
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