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Volkswagen Sells Siemens Minority Stake in Electrify America

  • Partners invest $450 million into EV charging network
  • Electric-car charging network also serves Ford, Hyundai
relates to Volkswagen Sells Siemens Minority Stake in Electrify America

Source: Electrify America

Updated on

Volkswagen AG is selling to Siemens AG a minority stake in Electrify America, the electric-car charging subsidiary the German automaker established in the wake of its diesel-emissions scandal.

The partners’ joint investment of $450 million in the network brings Electrify America’s valuation to $2.45 billion, the companies said Tuesday in a joint statement. The investment by Siemens, which will hold a seat on the board, amounts to a roughly 10% stake in the company, people familiar with the matter said.