Mercedes-Benz intends to invest billions of euros to build 10,000 fast charging points for electric cars in North America, Europe and China by 2030, the luxury carmaker said Thursday, Reuters reports.

The automaker will begin construction in North America this year, planning to build 2,500 charging points in 400 locations in most U.S. states and Canada by 2027, it said at the CES auto show in Las Vegas, which runs from Jan. 5 to 8.

The company will share just over one billion euros ($1.06 billion) of the investment needed by 2030 for North America with MN8 Energy, a renewable energy producer and battery operator, and is also partnering with ChargePoint, a charging network company, for technological know-how.

MN8 CEO said the company expects to turn a profit within five to seven years, possibly sooner if it receives subsidies or if utilization rates are higher than expected.

Negotiations are underway with potential network partners in Europe and China.

There are about 140,000 public electric vehicle chargers in the U.S., according to July 2022 data from the National Renewable Energy Laboratory.

Surveys show that consumers around the world are reluctant to buy electric cars because of a lack of charging infrastructure.

In Europe, where Mercedes-Benz already participates in a joint venture with Volkswagen, BMW, Ford and Hyundai called Ionity, the infrastructure is at a higher level: about 375,000 charging points will be available by the end of 2021, according to a McKinsey study.

Nevertheless, at least 3.4 million charging points will be needed to meet expected demand growth in the region by 2030, the study said.

In addition, Mercedes-Benz has applied for certification in California and Nevada for Level 3 automated driving, which would allow its electric cars to take over at speeds of up to 60 kilometers per hour on suitable stretches of highways or in dense traffic, the company announced at the CES auto show.