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. (The news was first reported by The Wall Street Journal.)
The news comes amid a spike in EV sales in the US — although they still only represent a fraction of overall car sales. It also comes as the Biden administration, fueled with $5 billion in funding as part of the president’s infrastructure plan, embarks on a plan to build 500,000 EV chargers by 2030.
EV charging in the US is difficult and intensely fragmented, especially for people who don’t own a Tesla. There are approximately 41,000 public charging stations in the United States, with more than 100,000 outlets. But finding one that actually works or isn’t locked inside a gated parking garage, for example, can be a challenge.