Volkswagen Sells Stake in Electrify America to Siemens

Volkswagen has agreed to sell a minority stake in its U.S. electric-vehicle charging business to Siemens in a transaction that provides $450 million in new money and values the charging network at $2.45 billion, the companies said Tuesday.

Bringing Siemens into Volkswagen’s Electrify America LLC generates additional funding to drive an expansion of EV charging that aims to more than double the number of charging stations that 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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