By Kim Richters 
 

Porsche AG said Wednesday that asset manager BlackRock Inc. is investing in charging-network provider Ionity, a joint venture that includes a number of auto makers such as the Volkswagen AG sports-car brand.

Porsche said it would invest 700 million euros ($787.4 million) by 2025 together will other Ionity shareholders but didn't disclose individual shares or the size of BlackRock's stake in the network. Ionity plans to increase the number of 350kW charging points for electric vehicles in Europe to 7,000 by 2025 from the current 1,500.

Apart from Porsche and BlackRock, whose investment is subject to authorities' approval, car makers BMW AG, Daimler AG's Mercedes-Benz AG, Ford Motor Co., Hyundai Motor Co.'s KIA and Volkswagen's Audi are part of the joint venture.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

November 24, 2021 04:01 ET (09:01 GMT)

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