Domestic corporations are enhancing their competitiveness in the North American electric vehicle charging market, which is dominated by Tesla. SK Group has initiated business expansion by acquiring local companies, while Hyundai Motor Group has established a joint venture (JV) with other automakers to build a charging network.
According to industry sources on the 24th, SK Innovation Energy & Solutions has accelerated the establishment of charging infrastructure in California, Oklahoma, and other areas through its acquisition of the U.S. electric vehicle charging subsidiary, EverCharge. SK Innovation Energy & Solutions acquired EverCharge in 2022 through the U.S. investment company, PathKey. PathKey employs the sons of SK Group Chairman Chey Tae-won and SK Group Vice Chairman Chey Jae-won.
This year, EverCharge has been focused on securing client companies in various regions for the construction of charging infrastructure. Last month, it supplied charging facilities to the area around Meta's headquarters in Menlo Park, California, and in September, it established a partnership with American Electric Power (AEP), the largest power company in the U.S., for the supply of charging facilities in Oklahoma.
Earlier, EverCharge partnered with the Major League Baseball (MLB) team San Francisco Giants in March. EverCharge has agreed to supply hundreds of electric vehicle charging facilities at the Giants' home stadium, Oracle Park, by the end of the year. Kang Tae-ho, Vice President of SK Group and head of electric vehicle charging at PathKey, noted in an interview last month that the company would continue to expand charging infrastructure.
Currently, the North American electric vehicle charging market is dominated by Tesla. The Tesla Supercharger accounts for 60% of the electric vehicle charging facilities installed in North America. The U.S. government indirectly supports Tesla by adopting its charging standard, the North American Charging Standard (NACS), as the standard.
Hyundai Motor Group has established a joint company called IONNA with other automakers such as BMW, Mercedes-Benz, Stellantis, General Motors (GM), and Honda to begin building an electric vehicle charging network in the U.S. The group has set a goal of becoming a leading company that provides high-speed charging infrastructure similar to Tesla's Supercharger. IONNA is also referred to as an ‘anti-Tesla’ alliance both domestically and internationally.
For automakers or battery companies, expanding charging infrastructure is crucial not only for promoting electric vehicle sales but also for data collection. Through the process of using chargers via applications (apps), charging companies can gather user-related data such as vehicle operation information and charging patterns, as well as understand the technical characteristics of the batteries.
Recently, Toyota announced that it would join IONNA. Although the specific scale of investment has not been disclosed, the front against Tesla is steadily expanding, leading to increased competition in the market. IONNA plans to install at least 30,000 electric vehicle charging facilities in the North American region by 2030 and is currently building its first charging station in North Carolina.