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Benzinga
Benzinga
Business
Shivani Kumaresan

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

Siemens United States Electrify America VWAGY Siemens AG Volkswagen Wall Street Journal Canada electric vehicle
  • Volkswagen AG (OTC:VWAGY) is nearing a deal to divest a minority stake in its U.S. electric vehicle charging business to a division of Siemens AG (OTC: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.
  • Photo Via Wikimedia Commons
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