The money will help double the number of EV chargers.
Volkswagen sold a minority stake in its electric vehicle charging division, Electrify America, to Siemens in a deal that values the company at $2.45 billion. The two companies are jointly investing $450 million to double the number of Electrify America charging stations in the US and Canada by 2026.
That plan will rely significantly on investments from private partners, like VW’s Electrify America, which operates more than 730 charging locations and over 2,438 individual charging units as of March 2022. And those partners will, themselves, need partners to help shoulder the huge costs of building out an entire charging network from scratch. DC fast chargers that supply up to 350kW of power can cost up $250,000 to install, depending on the location.