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    SIE   DE0007236101

SIEMENS AG

(SIE)
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Delayed Xetra  -  11:35 2022-08-15 am EDT
112.20 EUR   +0.32%
04:00pSIEMENS AG : RBC keeps its Buy rating
MD
07:23aSIEMENS AG : Bernstein keeps a Sell rating
MD
04:53aSIEMENS : at the AMB Stuttgart 2022
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Siemens Becomes Minority Shareholder in Volkswagen's Electrify America

06/28/2022 | 05:48am EDT

By Giulia Petroni

Volkswagen AG said Tuesday that Siemens AG is becoming a minority shareholder in its U.S. electric-vehicle charge business, Electrify America, with a low triple-digit million dollar investment.

The German car maker said the two companies are investing $450 million in the business, valuing it at $2.45 billion. The deal was reported earlier on Tuesday by the Wall Street Journal.

"With our additional investment in Electrify America, we are giving e-mobility in North America a further boost and consistently grow our charging and energy business," said Thomas Schmall, chief executive officer of Volkswagen Group Components.

The car maker's aims to more than double Electrify America's charging infrastructure to 1,800 locations and 10,000 fast chargers by 2026, Mr. Schmall said.

Siemens, which made the investment through its financing arm Siemens Financial Services, will hold a seat on the board of Electrify America.


Write to Giulia Petroni at giulia.petroni@wsj.com


(END) Dow Jones Newswires

06-28-22 0748ET

Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS AG 0.32% 112.2 Delayed Quote.-26.75%
VOLKSWAGEN AG 1.15% 150.02 Delayed Quote.-16.43%
All news about SIEMENS AG
04:00pSIEMENS AG : RBC keeps its Buy rating
MD
07:23aSIEMENS AG : Bernstein keeps a Sell rating
MD
04:53aSIEMENS : at the AMB Stuttgart 2022
PU
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Analyst Recommendations on SIEMENS AG
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Financials
Sales 2022 70 000 M 71 276 M 71 276 M
Net income 2022 4 427 M 4 508 M 4 508 M
Net Debt 2022 37 593 M 38 278 M 38 278 M
P/E ratio 2022 22,7x
Yield 2022 3,71%
Capitalization 88 975 M 90 596 M 90 596 M
EV / Sales 2022 1,81x
EV / Sales 2023 1,69x
Nbr of Employees 303 000
Free-Float 88,4%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 112,20 €
Average target price 149,69 €
Spread / Average Target 33,4%
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Managers and Directors
Roland Emil Busch President & Chief Executive Officer
Ralf Peter Thomas Head-Corporate Finance, Accounting & Controlling
Jim Hagemann Snabe Chairman-Supervisory Board
Hanna Hennig Chief Information Officer
Bernhard Wardin Head-Technology & Innovation
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