Seven renowned automakers, including BMW Group, General Motors (NYSE: GM), Honda (NYSE: HMC), Hyundai, Kia, Mercedes-Benz Group, and Stellantis NV (NYSE: STLA), are forming a groundbreaking joint venture to accelerate the transition to electric vehicles (EVs) in North America

The venture will focus on developing a new, high-powered charging network with at least 30,000 chargers, making zero-emission driving more attractive to the masses. Leveraging both public and private funding, the initiative will expedite the installation of high-powered charging stations across the region, catering to all battery-powered electric vehicles using the Combined Charging System (CCS) or North American Charging Standard (NACS).

Planned to become the leading network of reliable high-powered charging stations in North America, the venture's establishment is projected for this year, pending customary closing conditions and regulatory approvals.

During pre-market trading, $GM is up by $0.22 (+0.57%) at $38.51, $STLA has risen by $0.72 (+3.76%) to $19.89, while $HMC is unchanged at $31.54.

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