A group of major automakers, including Bayerische Motoren Werke AG (BMWYY  ), General Motors Co (GM  ), Honda Motor Co (HMC  ), Hyundai Motor Co (HYMTF  ), Kia, Mercedes Benz Group AG (MBGYY  ), and Stellantis N.V. (STLA  ), look to invest at least $1 billion in a joint-venture company to build thousands of electric-vehicle chargers in the U.S.

The group aims to add around 30,000 fast chargers in urban and highway areas over several years to address the shortage of charging spots that hinders consumer adoption of EVs, the Wall Street Journal reports.

The investment model mirrors Europe's Ionity charging company, formed in 2017 with funding from many of the same automakers.

U.S. consumers cite a lack of charging stations as a top concern preventing them from switching to electric vehicles.

Some automakers, like General Motors, Mercedes, Ford Motor Co (F  ), Nissan Motor Co (NSANY  ), and Rivian Automotive, Inc (RIVN  ), have deals with Tesla, Inc (TSLA  ) for partial access to its Supercharger network of about 22,000 fast chargers.

The new joint-venture company plans to install a combination of charging types, including Tesla's North American Charging Standard (NACS) and the Combined Charging System (CCS) used by other car companies.

Traditional automakers are now more willing to invest in charging stations as EV adoption becomes critical to their business strategies.

The seven automakers will invest equally, hoping to attract other companies to join and invest in the charging venture after its launch.

President Joe Biden had pledged $7.5 billion to tackle a sparse network of power sources for electric vehicles.