Top German automakers and Ford are setting up a joint venture to create a fast recharging network in Europe for electric cars, The Associated Press reports.

BMW, Daimler, Ford and the Volkswagen Group with its Audi and Porsche brands said Tuesday, November 29 that they've signed a memorandum of understanding that foresees the network being built up starting next year. Their "initial target" is to have 400 charging sites in Europe and the goal is to have thousands in place by 2020.

The automakers say the planned network will have power levels of up to 350 kilowatts, faster than the most powerful system currently in service. They didn't give financial details.

The aim is to make it easier for electric cars to travel long distances and help make them more appealing to the mass market.