Hyundai Motor and Kia Invest 30 Billion KRW in Korea Electric Vehicle Charging Service through Paid-in Capital Increase
Hyundai Motor Company and Kia announced on the 17th that they conducted a paid-in capital increase of 30 billion KRW in Korea Electric Vehicle Charging Service on the 2nd. This investment aims to strengthen competitiveness in the domestic electric vehicle charging market by establishing 3,000 ultra-fast chargers by 2025.
Based on this paid-in capital increase, Hyundai Motor Company and Kia plan to continue investing in Korea Electric Vehicle Charging Service. They will take the lead in strengthening the domestic electric vehicle charging ecosystem to enable Hyundai and Kia electric vehicle buyers to charge conveniently.
To respond to the increased demand for ultra-fast chargers in urban areas due to the expansion of the 800V system electric vehicle lineup, Hyundai Motor Company and Kia will cooperate with Korea Electric Vehicle Charging Service to establish 3,000 ultra-fast chargers by 2025.
Hyundai Motor Company and Kia will apply the Electric Vehicle Charging Service Platform (E-CSP) and Electric Vehicle Charging Technology Platform (E-CTP) to Korea Electric Vehicle Charging Service’s ultra-fast chargers.
Moreover, members of E-pit, Hyundai and Kia’s premium electric vehicle ultra-fast charging brand, can charge immediately at Korea Electric Vehicle Charging Service’s ultra-fast chargers without separate membership registration. They can receive services at a level similar to E-pit.
In particular, Hyundai Motor Company and Kia expect to apply the Plug&Charge function to these ultra-fast chargers, allowing customers to complete authentication, charging, and payment all at once without separate operations.
In the future, Hyundai Motor Company and Kia plan to implement a system where electric vehicle customers of both companies can charge at charging stations operated by Hyundai Motor Group, such as E-pit, Hyundai Engineering, and Korea Electric Vehicle Charging Service, without separate membership registration.
Meanwhile, Korea Electric Vehicle Charging Service, which was incorporated into Hyundai Motor Group affiliates in December 2021, is striving to become the number one ultra-fast charging operator in Korea by utilizing Hyundai Motor Company and Kia’s platform technology.
Korea Electric Vehicle Charging Service plans to improve the rapid fault response operation system to increase charger uptime and enhance customer response rates, thereby raising consumer satisfaction and ultimately innovating customer contact services.
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A Hyundai Motor Company and Kia official stated, "This paid-in capital increase is part of a strategy to strengthen the charging ecosystem so that Hyundai and Kia electric vehicle customers can enjoy high-quality charging services anytime and anywhere," adding, "We will strive to improve charging convenience for electric vehicle customers through continuous investment."
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