German automaker Volkswagen is close to selling a stake in its US unit for electric-vehicle charging, Electrify America, to Siemens, reports the Wall Street Journal citing unnamed sources.
The sale would center on a minority stake in the business, but the price for it is close to USD 2bn, according to WTJ’s information.
The proceeds from the sale would be used to fund the continued expansion of operations. Electrify America plans to double the number of charging stations in the US and Canada to 1,800 by the end of 2026. In total, the expansion would cost USD 2bn.
The final sales agreement between the two parties, neither of which wishes to comment on the information to WSJ, is expected to be publicly announced Tuesday.