Mercedes-Benz Announces $1B North American EV Charging Network
Mercedes-Benz announced Thursday a $1 billion investment in electric vehicle charging stations across North America, with plans to install 2,500 EV chargers in North America by 2027 before expanding to China and Europe. The investment is split between Mercedes-Benz and MN8 Energy, a solar energy and battery storage operator.
Key Quotes: Speaking at the Consumer Electronics Show in Las Vegas, Mercedes-Benz CEO Ola Källenius called the project “one of the building blocks that will perhaps persuade even more customers to jump into the EV side of the Mercedes-Benz.” Källenius stated that for Mercedes-Benz, the EV infrastructure development is “a strategic decision to really put our money where our mouth is and back up the direction that we’re already taking over the last few years, pivoting towards electric and putting the company in a position by the end of this decade to be able to serve markets with an all-electric lineup.”
For Context: Mercedes-Benz aims to phase out gasoline vehicles by the end of the decade. The other major player in the electric vehicle market is Tesla. Tesla has approximately 16,000 charging stations across the country, but these stations only work on Tesla vehicles. Mercedes-Benz’s charging stations will reportedly work with any electric vehicle with compatible technology. The Biden Administration has pushed for more investment in EV infrastructure, with tax credits for electric vehicles included in the Inflation Reduction Act.
How The Media Covered It: The announcement was covered lightly across the spectrum, mostly in technology and business outlets.
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Mercedes-Benz, MN8, and ChargePoint are joining forces to install 400 fast electric vehicle charging hubs across the US in a major bid to boost EV sales and improve the nation’s struggling EV charging infrastructure. The project will cost approximately €1 billion ($1 billion), which will be split 50-50 between Mercedes and MN8.
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Mercedes-Benz AG MBGYY 0.11%increase; green up pointing triangle
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