Volkswagen, Siemens, Others Invest Over $700M For Hassle-Free, Cheaper EV Charging

Author: Anusuya Lahiri | June 28, 2022 07:13am

• The White House disclosed that companies are looking to invest over $700 million to boost U.S. manufacturing capacity for electric vehicle (EV) chargers, Reuters reports. 
• The move could add at least 2,000 jobs and make charging more accessible and affordable.
• The investments include $450 million earmarked by Volkswagen AG (OTC:VWAGY) unit Electrify America and over $250 million by Siemens AG (OTC:SIEGY) to expand its Grand Prairie, Texas, and Ponoma, California EV charger plants.
• Related: Volkswagen In Talks To Sell Stake In US EV Charging Business To Siemens
• EV charging network operator FLO invested $3 million in its first U.S. assembly plant in Auburn Hills, Michigan.
• The investments look to boost U.S. manufacturing capacity for EV chargers to over 250,000 annually.
• The U.S. government looks to grow the U.S. network of EV chargers to 500,000 by 2030, up from 100,000 today.
• Recently, the U.S. Transportation Department (USDOT) proposed minimum standards for EV charging projects funded under a $5 billion government program.
• The U.S. earmarked $7.5 billion in subsidies in 2021's bipartisan infrastructure law.
• The EV charging market continues to attract players like Contemporary Amperex Technology Co Ltd, Panasonic Holdings Corp (OTC: PCRFY), and LG Electronics Inc (OTC: LGEJY) to tap the likes of Tesla, Inc (NASDAQ:TSLA).
• Photo via wikimedia Commons

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