7 auto giants unite to build universal network of 30K+ clean-energy-powered fast chargers to North America
And yes, it’ll have NACS accessibility. In a shocking but exciting announcement this morning, a group of some of the world’s largest automakers has combined forces into a new joint venture to deliver a new “high-powered” charger network across cities and highways in North America to expedite EV adoption. Oh, and they intend to power the entire network with renewable energy.
This is big news.
In covering this beat, we’ve seen EV adoption and innovation, as a whole, absolutely snowball globally in recent years. In North America, the transition to EVs by legacy automakers and consumers alike has been expedited by advantageous legislation implemented by US and Canadian governments.
In the US, the Biden administration’s Build Back Better Plan and passed Inflation Reduction Act have established federal tax credits for new and used EV leases and purchases, while helping fund the National Electric Vehicle Infrastructure (NEVI) program to enable the installation of EV charging stations around the country.
The past two years especially, we’ve seen young and legacy EV automakers alike pairing up with existing charging networks that are slowly but surely expanding availability – permitting, grid access, and maintenance woes be damned.
Despite all that, Tesla’s Supercharger network has remained the undisputed champion in fast charger access and dependability, especially now that universal Magic Dock piles are rolling out, offering charging access to other branded EVs.
While our recent focus has been on nearly all major automakers and charging networks adopting Tesla’s North American Charging Standard (NACS), it appears to be a mere footnote in today’s story that could see the number of publicly available DC fast chargers nearly double in a short time.
So who’s behind this massive joint venture to deliver a clean-powered charger network? You’ll recognize every single name.
JV network to double EV fast charger access in the US
BMW Group, GM, Honda, Hyundai, Kia, Mercedes-Benz Group, Stellantis NV – what an unprecedented roster of automotive prowess teaming up for a yet-to-be-named charging joint venture.
The seven new partners state that the joint venture intends to leverage federal and state investments in public charging with its own public and private funding, to quickly develop and implement a new network of “high-powered” chargers across North America. Each pending site will be equipped with multiple DC fast chargers that will be accessible to any and all EV drivers, whether their vehicle is using CCS or NACS. Well, maybe not all EVs… no mention of CHAdeMO (sorry LEAF drivers).
Per the US Department of Energy, there are 32,000 publicly available DC fast chargers in the United States as of July 2023, but 2.3 million EVs are vying for a plug. That’s a ratio of 72 vehicles per charger. The National Renewable Energy Laboratory (NREL) estimates that 182,000 DC fast chargers will be needed in the US alone to support the 30-42 million BEVs and PHEVs estimated on roads by 2030.
Beginning later this year, the new joint venture intends to add at least 30,000 new chargers to the tally sheet and is already vowing to deliver an experience that is “seamless, vehicle integrated, and supported by the quality, reliability, and resources of world-leading automakers.”
The network will also be powered by 100% renewable energy and offers Plug & Charge capabilities for those vehicles that support it. The CEO of each of the seven new charging partners had something to say, but Mercedes Group chief Ola Källenius’s words resonated most:
The fight against climate change is the greatest challenge of our time. What we need now is speed – across political, social and corporate boundaries. To accelerate the shift to electric vehicles, we’re in favor of anything that makes life easier for our customers. Charging is an inseparable part of the EV-experience, and this network will be another step to make it as convenient as possible.
The initial plans for the network will see fast chargers installed in metropolitan areas and along major highways in North America, including connecting corridors and “vacation routes.” (You’d better start saving for Disney World.) These all won’t simply be charging piles in some random parking lot either – the new partners are genuinely looking to deliver a best-in-class EV charging experience and have said so outright. Per this morning’s release:
Focused on customer comfort and charging ease, the stations will be in convenient locations offering canopies wherever possible and amenities such as restrooms, food service and retail operations either nearby or within the same complex. A select number of flagship stations will be equipped with additional amenities, delivering a premier experience designed to showcase the future of charging.
The joint venture says work on the new fast charger network will begin later this year with first stations expected to open in the US next summer. Canada’s first stations will come “at a later stage.” Sorry!
Electrek’s Take
This is honestly shocking news.
I couldn’t believe it when I saw it on the page…
Honda?!?
Kidding. All are welcome in news like today’s joint venture, and Honda has found some truly strong company as it works to play catchup in a market landscape that is expected to see at least 50% of vehicle sales in the US be electric by the end of the decade.
This alliance may seem like its gunning for the Tesla Supercharger network and maybe it is, but who cares? We as EV drivers all benefit and so does the prospect of steadfast EV adoption. Tesla also doesn’t have anything to worry about as its network is only getting larger, plus everyone has essentially adopted its standard anyway so I think it’ll be just fine.
The real focus here should be the 30,000 new chargers on the way. Additionally, they’ll be powered entirely by renewable energy? *Chef’s kiss*
30K new piles are not enough to keep up with adoption yet, but one giant leap forward with plenty of automotive clout in the JV to instill confidence. Let’s just hope they don’t name the charger network something stupid like “X.”
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Forget the patio set. This Memorial Day, the real deals are on EVs. While some savings, including the $7,500 federal EV tax credit, could soon disappear, there’s still time to take advantage of the discounts. We rounded up all the EVs you can lease right now for under $300 a month.
Best EV lease deals this Memorial Day
After a record year with over 1.3 million EVs sold in the US in 2024, several new models arrived this year, giving you more options than ever.
Nearly 300,0000 electric vehicles were sold in the first three months of the year. New Acura, Chevy, Honda, and Porsche EVs helped drive sales higher.
General Motors sold over 30,000 EVs in Q1, surpassing Ford and Hyundai Motors to become the second-best seller of EVs behind Tesla. Chevy is now the fastest-growing EV brand with the new Equinox, Blazer, and Silverado EVs sparking growth.
Honda and Acura are getting into the game, selling over 14,000 EVs in the US in the first quarter, which is up from zero just a year ago.
According to S&P Global Mobility (via Automotive News), new models, including the Honda Prologue and Chevy Equinox EV, pushed EV registrations up 20% in March. Both are available to lease for under $300 this month.
Hyundai and Kia Memorial EV lease deals
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2025 Kia Niro EV | $129 | 24 | $3,999 | $295 |
| 2024 Kia EV6 | $179 | 24 | $3,999 | $345 |
| 2025 Hyundai IONIQ 5 | $209 | 24 | $3,999 | $375 |
| 2025 Hyundai IONIQ 6 | $169 | 24 | $3,999 | $335 |
Kia and Hyundai continue to offer some of the most affordable, efficient electric vehicles on the market. The Niro EV is one of the cheapest EVs you can lease in May at just $129 per month.
The new 2025 IONIQ 5, now with more range and a Tesla NACS charging port, and the IONIQ 6 are arriving with significant discounts.
Last month, Hyundai launched a promo giving those who buy or lease a new 2024 or 2025 model year IONIQ 5 or IONIQ 6 a free ChargePoint Level 2 home charger. If you already have one, you can also opt for a $400 public charging credit.
Honda Prologue and Acura ZDX
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2024 Honda Prologue | $239 | 36 | $1,399 | $335 |
| 2024 Acura ZDX | $299 | 24 | $2,999 | $424 |
Honda’s electric SUV is on a hot streak. In the second half of 2024, the Prologue was the second-best-selling electric SUV behind the Tesla Model Y. Through April, Honda’s electric SUV remained a top seller with nearly 11,500 models sold.
With an ultra-low lease rate of just $239 per month, the Prologue is even more affordable than a Civic this month. No wonder sales are surging.
Honda launched the 2025 model earlier this month, which now offers more range (up to 308 miles) and power, but retains the same low starting price.
This Memorial Day, Acura’s luxury electric SUV is one of the best EV deals and is actually cheaper to lease than the Honda CR-V. The ZDX can be leased for as low as $299 for 24 months. With only $2,999 due at signing, the effective cost is just $424 per month. In some states, ZDX discounts reach as high as $28,000, also making it more affordable than a Civic to lease this month.
Chevy Blazer and Equinox EVs
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2024 Chevy Equinox EV | $299 | 24 | $3,169 | $431 |
| 2025 Chevy Equinox EV | $289 | 24 | $2,399 | $389 |
| 2024 Chevy Blazer EV | $299 | 24 | $3,879 | $461 |
Chevy’s new electric SUVs are quickly rolling out. The electric Equinox was among the top five best-selling EVs in the final three months of 2024. Both can be leased for under $300 a month this Memorial Day. The Blazer EV is still slightly more expensive, at $3,879. Keep in mind that the Blazer EV deal also includes a $1,000 trade-in bonus.
The electric Equinox SUV, or “America’s most affordable +315 miles range EV,” as Chevy calls it, is even cheaper than the gas model this month with up to $8,500 in savings.
Chevy’s new 2025 Equinox is even more affordable at just $289 for 24 months. With $2,399 due at signing, you’ll pay only $389 per month.
Ford F-150 Lightning and Mustang Mach-E
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2024 Ford Mustang Mach-E | $213 | 36 | $4,462 | $337 |
| 2024 Ford F-150 Lightning | $233 | 24 | $6,792 | $421 |
Ford’s F-150 Lightning overtook the Tesla Cybertruck to regain its title as America’s best-selling electric pickup in March. The Mach-E remains one of the top-selling EVs with over 14,500 models sold through April.
Ford is sweetening the deal with a free Level 2 home charger for any EV purchase or lease through its “Power Promise,” along with a host of other benefits.
Toyota bZ4X and Subaru Solterra
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2025 Toyota bZ4X | $259 | 36 | $2,999 | $342 |
| 2024 Subaru Solterra | $279 | 36 | $279 | $287 |
| 2025 Subaru Solterra | $299 | 36 | $299 | $307 |
Japanese automakers are starting to find their rhythm. Toyota bZ4X and Subaru Solterra sales are finally picking up. With an effective cost of only $287 per month, the Solterra may be the better option this month, especially with its standard AWD.
After cutting lease prices this month, the 2025 Subaru Solterra is now listed at just $299 for 36 months. With $299 due at signing, the effective monthly cost is only $307.
Other EV lease Deals at under $300 this Memorial Day
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2025 Nissan LEAF | $259 | 36 | $2,279 | $322 |
| 2025 Nissan Ariya | $129 | 36 | $4,409 | $251 |
| Fiat 500e | $159 | 24 | $1,999 | $242 |
In some states, Nissan is offering Ariya lease prices as low as $129 for 36 months. That’s with $4,409 due at signing for an effective cost of $251. For an electric SUV with an MSRP of nearly $42,000, that’s a steal.
Some of these rates may vary by region. The $239 per month Honda Prologue lease deal is offered in California and other ZEV states. Acura’s $299 ZDX promo is only available in California, New York, Oregon, and other select states.
In other parts of the country, the Prologue is still listed at just $269 per month for 36 months. With $3,199 due at signing, the effective monthly cost is still just $358. However, a $1,000 conquest or loyalty offer can lower monthly payments to around $330.
Trump’s “Big Beautiful Bill Act” was passed by House Republicans on Thursday, essentially ending the $7,500 EV tax credit and other clean energy incentives. By the end of 2025, automakers that have delivered over 200,000 electric vehicles in the US will lose access. In other words, they won’t be able to pass it on to you, the buyer.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes a new launch of a full-suspension e-bike from Velotric, Yamaha-backed company’s plan for battery swapping in electric bicycles, buying a super-cheap e-bike from China, testing the Meepo Flow electric skateboard, PodBike closes its doors, the impending launch of the Royal Enfield Flying Flea electric motorcycle, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 8:00 a.m. ET (or the video after 9:00 a.m. ET):
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Oil prices held near two-week highs in early trading on Wednesday, supported by an agreement between the U.S. and China to temporarily lower their reciprocal tariffs and a falling U.S. dollar.
Imaginima | E+ | Getty Images
A protracted slump in crude prices has ramped up the pressure on Big Oil’s commitment to allocate cash to shareholders.
Western energy supermajors have long sought to return cash to investors through buyback programs and dividends to keep their shareholders happy. Energy executives have also expressed confidence that they can continue to reward investors following a relatively robust set of first-quarter earnings.
Some analysts, however, are less convinced about Big Oil’s pledge to return ever-higher shareholder returns, citing already stretched balance sheets and a sharp drop in crude prices.
Oil prices have fallen more than 12% year-to-date amid persistent demand concerns and U.S. President Donald Trump’s back-and-forth trade policy.
Espen Erlingsen, head of upstream research at consultancy Rystad Energy, said recent market volatility has left the energy majors with “few economically attractive options” that allow for reinvestment while maintaining a competitive capital returns framework.
“As companies like Shell and ExxonMobil continue to push ahead with large-scale buyback programs despite shrinking cash inflows, the durability of these strategies is in question. For now, the majors are holding the line. But if oil prices remain depressed, adjustments may be inevitable,” Erlingsen said in a research note published Thursday.
Share buybacks, which are typically more flexible than dividends, are “likely to be the first lever pulled,” he added. In that vein, weaker crude prices mean energy majors will have less cash to return to shareholders.
BP logo is seen at a gas station in this illustration photo taken in Poland on March 15, 2025.
Nurphoto | Nurphoto | Getty Images
Investor concern over the sustainability of Big Oil’s shareholder returns comes after a year of record-breaking payouts.
Analysts at Rystad said total shareholder rewards from the likes of Shell, BP, TotalEnergies, Eni, Exxon Mobil and Chevron climbed to a whopping $119 billion in 2024, beating the previous record set in 2023.
The payout ratio, which refers to shareholder payouts as a share of corporate cash flow from operations (CFFO), meanwhile jumped up to 56% last year, Rystad said. That was well above the 30% to 40% range that was typical for the industry from 2012 through to 2022, the analysts added.
If shareholder payouts were to remain at 2024 levels throughout 2025, Rystad said this would imply companies distribute more than 80% of their cash flow to investors. The estimate was based on Big Oil’s first-quarter CFFO as a proxy for full-year performance.
Point of maximum weakness
For European majors, analysts at Bank of America said at the start of the year in a note entitled “bye-bye buybacks?” that it anticipated cuts in such returns, from companies whose balance sheets were already stretched.
The Wall Street bank cited BP, Repsol and Eni at the time. It added that only Shell, TotalEnergies and Equinor were among the regional players likely to keep their respective 2025 buyback run-rates intact.
Spokespersons for Repsol and Eni were not immediately available to comment when contacted by CNBC.
So far, BP is the only European energy major to have trimmed its buyback run-rate. The beleaguered British oil company last month posted a sharp fall in first-quarter profit and reduced its share buyback to $750 million, down from $1.75 billion in the prior quarter.
BP, which has been the subject of intense takeover speculation, also reported significantly lower cash flow and rising net debt for the first quarter.
Lydia Rainforth, head of European energy, equity research at Barclays, said BP’s future appears to be “really bright” — on the condition that the company can get through the next six months.
“If I think about when is that point of maximum weakness for BP, it is over the next six months, ultimately. Debt continues to go up a little bit, production continues to fall until mid-2026,” Rainforth told CNBC’s Steve Sedgwick on Thursday.
“As I get towards the end of the year, hopefully we’ll see that sum of divestments taking down debt. Things like … selling their lubricants business, that could raise between $12 billion to $15 billion. It brings down debt, you start to see the benefit of cost savings coming through, and then production growth starts kicking in next year,” she added.
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