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

·1 min read
  • 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

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga does not provide investment advice. All rights reserved.