VW Subsidiary Invests $2 Billion to Promote Electric Cars
- Spending mandated by diesel-cheating settlement with U.S. EPA
- Projects to include "cross-country" network of fast-chargers
A charging plug sits next to a VW badge cover.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Volkswagen AG has formed a new subsidiary to manage the $2 billion it is required to spend over the next decade in support of zero-emission vehicles in the U.S.
The company, Electrify America LLC, will invest in the construction and maintenance of electric vehicle charging stations, including a "high-speed, cross-country" network of more than 200 fast-charging stations for electric cars. It will also install more than 300 chargers in 15 U.S. metropolitan areas and fund "brand-neutral" advertising campaigns to promote awareness about electric cars, among other activities, the company announced Tuesday.