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    VOW3   DE0007664039

VOLKSWAGEN AG

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Delayed Xetra  -  11:35 2022-08-12 am EDT
148.32 EUR   +0.94%
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Siemens to invest in Volkswagen's N.American charging network

06/28/2022 | 06:41am EDT
A electric vehicle charger is seen as a vehicle charges in Manhattan, New York

(Reuters) - German industrial giant Siemens AG is investing more than $100 million in Volkswagen AG's Electrify America unit, becoming the first outside investor in the North American network of electric vehicle charging stations.

Including new funds from its parent Volkswagen, the Electrify America unit would receive a total injection of $450 million, the companies said.

The partnership in Electrify America is "part of a much larger investment that Siemens is making in the electrification market," said John DeBoer, head of the Siemens' North American e-mobility unit.

Electrify America was established by VW in 2017 with a 10-year, $2-billion investment commitment in the wake of the German automaker's diesel emissions cheating scandal.

The two companies did not specify the exact amount each is contributing to the latest investment, other than to say Siemens' share is more than $100 million.

Siemens, which is making the investment through financing arm Siemens Financial Services, will be a minority investor with a seat on Electrify America's board.

A year ago, Reuters reported that VW intended to sell a stake in Electrify America as the automaker hoped to attract up to $1 billion in outside funding to help expand infrastructure for electric vehicles.

In an interview, Giovanni Palazzo, Electrify America president and CEO, said the company still plans to more than double its charging infrastructure to 1,800 charging stations and more than 10,000 fast chargers by 2026.

Electrify America has EV charging partnerships with a broad array of vehicle manufacturers outside the Volkswagen Group, including Ford Motor Co, Hyundai/Kia, BMW, Mercedes-Benz, Geely Automobile's Volvo and Polestar, and Tesla rival Lucid.

Siemens, which builds charging stations for commercial fleets and other customers, has invested in several electrification companies, including Swedish battery startup Northvolt and wireless charging startup WiTricity, as well as Electrify America competitor ChargePoint, according to investor website PitchBook.

 

(Editing by Deepa Babington)

By Paul Lienert


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG 1.08% 78.55 Delayed Quote.-11.23%
GEELY AUTOMOBILE HOLDINGS LIMITED -1.49% 17.24 Delayed Quote.-18.12%
LUCID GROUP, INC. 3.15% 18.66 Delayed Quote.-50.96%
MERCEDES-BENZ GROUP AG 0.68% 60.93 Delayed Quote.-9.85%
POLESTAR AUTOMOTIVE HOLDING UK PLC -1.91% 9.75 Delayed Quote.-16.67%
SIEMENS AG 1.75% 111.84 Delayed Quote.-26.75%
VOLKSWAGEN AG 0.94% 148.32 Delayed Quote.-16.43%
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Financials
Sales 2022 276 B 283 B 283 B
Net income 2022 17 246 M 17 682 M 17 682 M
Net cash 2022 32 033 M 32 845 M 32 845 M
P/E ratio 2022 4,33x
Yield 2022 6,07%
Capitalization 88 865 M 91 115 M 91 115 M
EV / Sales 2022 0,21x
EV / Sales 2023 0,18x
Nbr of Employees 641 900
Free-Float 56,8%
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Number of Analysts 23
Last Close Price 148,32 €
Average target price 204,35 €
Spread / Average Target 37,8%
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Managers and Directors
Herbert Diess Chairman-Management Board
Arno Antlitz Head-Finance & Information Technology
Hans Dieter Pötsch Member-Management Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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