VW sells minority stake in Electrify America to Siemens

Volkswagen sold a minority stake in its electric vehicle charging division, Electrify America, to Siemens in a deal that values the company at $2.45 billion. The two companies are jointly investing $450 million to double the number of Electrify America charging stations in the US and Canada by 2026. (The news was first reported by The Wall Street Journal.)

The news comes amid a spike in EV sales in the US — although they still only represent a fraction of overall car sales. It also comes as the Biden administration, fueled with $5 billion in funding as part of the president’s infrastructure plan, embarks on a plan to build 500,000 EV chargers by 2030.

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