Volkswagen In Talks To Sell Stake In US EV Charging Business To Siemens: WSJ

by Shivani Kumaresan, Benzinga Staff Writer

June 28, 2022 6:47 AM | 1 min read | Make a Comment

Volkswagen AG VWAGY is nearing a deal to divest a minority stake in its U.S. electric vehicle charging business to a division of Siemens AG SIEGY, the Wall Street Journal reported.
The deal, if realized, would value Volkswagen’s Electrify America LLC at more than $2 billion.
The report added that the funds will be used for Electrify America’s plan to expand its EV charging stations across the U.S. and parts of Canada to 1,800 by 2026.
In August 2021, Siemens announced plans to expand its charging equipment manufacturing operations in the U.S.
Price Action: VWAGY shares closed higher by 0.65% at $19.34 on Monday.
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