Jun 27, 2022
WSJ
Ben Dummett and William Boston
Volkswagen AG is close to selling a minority stake in its U.S. electric-vehicle charge 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 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.
The deal is expected to be announced as soon as Tuesday, assuming talks don’t break down.
Germany-based Siemens would make the investment through its Siemens Financial Services unit, according to the people. The deal would complement Siemens’s existing operations in the EV charging sector. In August, the engineering and technology company said it plans to expand its manufacturing operations in the U.S. as part of a plan to make over 1 million EV chargers for that market over the next four years.