German auto giant Volkswagen said Tuesday Siemens had joined its North American car charging venture as the companies announced an aim to “more than double” the size of its network.
The two groups said they would invest $450 million in Electrify America, whose network of charging stations are open to all manufacturers, valuing it at $2.45 billion.
Volkswagen was looking to give “e-mobility in North America a further boost”, said group chief technology officer, Thomas Schmall.
With the new funding, Volkswagen aims to “more than double” the size of Electrify America’s charging infrastructure “to 1,800 locations and 10,000 fast chargers by 2026”, Schmall said.
German industrial group Siemens also became a minority shareholder in Electrify America for a “low triple-digit million” dollar sum, the parties said.
The investment, which will give Siemens a seat on the board of Electrify America, was one of its “largest” in electric-powered transport, Siemens said.
Volkswagen has turned its focus towards the region in a strategic shift spelt out in May this year.
Europe’s largest carmaker is aiming to more than double its market share in North America to 10 percent by 2030.
The move would shelter Volkswagen from expected supply issues in Europe — made worse by the war in Ukraine — and take the emphasis off the Chinese market.
The auto group, whose 12 brands include Audi, Porsche and Skoda, has put its weight behind battery-powered vehicles and aims to become the world’s largest electric carmaker by 2025. — Agence France-Presse