German automaker Mercedes-Benz said on Thursday it had reached an agreement with BMW to establish a joint venture for operating a high-power charging network in China.

At least 1,000 high-power charging stations with around 7,000 charging piles in the country are expected to be installed by the end of 2026, the company said in the statement, adding the deal was subject to regulatory approval.

The first stations are scheduled to start operating in 2024 in regions with higher sales of electric vehicles.

Mercedes-Benz announced earlier this year that it would invest billions of euros in building its own charging network of 10,000 fast-charging points in North America, Europe and China by 2030.

(Reporting by Ozan Ergenay, Editing by Victoria Waldersee)