SMAWF

Siemens AG

111.43
USD
-2.28%
111.43
USD
-2.28%
96.22 178.55
52 weeks
52 weeks

Mkt Cap 94.69B

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Siemens Invests In Volkswagen's Electrify America LLC

(RTTNews) - Volkswagen together with Siemens is investing $450 million in Electrify America LLC, valuing the U.S. electric-vehicle charge business at $2.45 billion, the companies said in a statement. Siemens becomes a minority shareholder in Electrify America with a low triple-digit million U.S. Dollar investment and will hold a seat on the board. Volkswagen's plan is to more than double Electrify America's charging infrastructure to 1,800 locations and 10,000 fast chargers by 2026. Siemens' investment confirmed its electrification strategy of making charging and energy solutions available nationwide - to customers of all EVs, Volkswagen said. With the NEW AUTO strategy, the Volkswagen Group has made charging and energy its core business. By 2025, around 45,000 High Power Charging points are planned in Europe, China and the USA together with partners. The product range also includes the entire range of charging solutions for private customers and companies. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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