The Wall Street Journal: Volkswagen close to selling stake in its U.S. EV recharging business to Siemens

by | Jun 27, 2022 | Stock Market

Volkswagen AG, maker of the iconic Porsche sports car, is close to selling a minority stake in its U.S. electric vehicle recharging business to an arm of Siemens AG, a deal that would value the network at more than $2 billion, according to people familiar with the matter. A sale of a stake in Volkswagen’s
Electrify America LLC would generate additional funding as part of a plan to more than double the number of EV recharging stations Electrify America operates across the U.S. and parts of Canada to 1,800 by 2026. Reston, Va.-based Electrify America also offers EV charging stations for use at home.

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