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Mercedes-Benz Group China Ltd. (OTC:MBGAF) and BMW Brilliance Automotive Ltd. (OTC:BMWYY) have publicized their intentions to set up a 50:50 joint venture in China. The primary objective of this collaboration is to manage a high-speed charging network and deliver superior charging services to their customers.
What Happened: As stated in the official press release, both companies expressed their plans to utilize their global and local expertise, as well as their understanding of the Chinese new energy vehicle (NEV) market to offer fast, reliable, and personalized charging solutions. This joint venture aims to improve the public charging experience for customers.
Over the next half-decade, the partnership aims to build at least 1,000 high-power charging stations that will include approximately 7,000 high-power charging piles. The first of these stations, equipped with the most recent charging technologies, are scheduled to launch in 2024 in key NEV regions, with more stations being installed across the country subsequently.
Although the high-end charging network will be open to the public, Mercedes-Benz and BMW customers will have the privilege of exclusive features such as plug & charge and online reservation for a smooth digital experience. The partnership also intends to use electricity generated from renewable sources, wherever feasible, to offer a sustainable and eco-friendly charging experience. The deal awaits regulatory approval as of now.
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