Seven of the world’s largest automakers are forming a new company to build a vast network of electric vehicle (EV) chargers across America, they announced Wednesday.

Why it matters: Their goal is to help potential EV buyers get over their “range anxiety” by tapping billions of dollars in federal subsidies to accelerate the rollout of fast-charging infrastructure.

Driving the news: The group includes General Motors, Stellantis, Hyundai, Kia, Honda, BMW and Mercedes-Benz.

  • The joint venture aims to become “the leading network of reliable high-powered charging stations in North America,” according to a statement from the companies.
  • It will compete not only with Tesla, but also with other charging networks like Electrify America, EVgo and ChargePoint — many of which have separate partnerships with the carmakers backing their new competitor.

Details: The participants plan to collectively invest at least $1 billion in the new company, the Wall Street Journal reported, although they would […]

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