Latest News

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


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.

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 recharging sector. In August, the engineering and technology giant announced 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.

An expanded version of this report appears on

Also popular on

Bidding wars overheated the home-buyer market, now they’re coming for renters.

I’m out of the office., really — crafting the perfect out-of-office email.

Personal Finance Daily: ‘It’s nuts’: Real estate agents describe chaos in New York City’s hot rental market and more than half of Americans are living paycheck to paycheck, making them more vulnerable to recession

Previous article

Nike forecasts downbeat quarterly revenue on lingering China worries

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News