Volkswagen to sell stake in charging unit Electrify America: Sources

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20210707/1625642540405746.png" title="1625642540405746.png" alt="7.png"/></p><p>Volkswagen is to sell a stake in its electric vehicle charging unit&nbsp;Electrify America, two people familiar with the matter said, as the carmaker looks for outside funds to build infrastructure for battery-powered&nbsp;cars.<br/><br/>Volkswagen is working with Citi to look for a co-investor that is prepared to inject roughly $1 billion into the division, the people said, adding that the company is expected shortly to reach out to infrastructure groups and other potential investors.<br/><br/>Volkswagen, Electrify America and Citi declined to comment.<br/><br/>Set up in the aftermath of Volkswagen&#39;s emissions cheating scandal that broke in the United States, Electrify America plans to spend $2 billion in the 2017-2026 period to expand charging stations for electric vehicles (EV).<br/><br/>The unit, whose main rivals include ChargePoint and Tesla&#39;s Supercharger, has 635 charging stations with around 2,850 fast-loading spots up and running, according to its website.<br/><br/>This includes ultra-fast high-speed of up to 350 kilowatt charging stations enabling owners to load their cars in under 20 minutes.<br/><br/>The company expects to install or have under development about 800 charging stations with about 3,500 fast chargers by December 2021, expanding to 45 states, including two cross-country routes. It also operates solar-powered charging stations.<br/><br/>At Volkswagen&#39;s Power Day in March, Electrify America Chief Executive Giovanni Palazzo, who joined Volkswagen from Daimler a decade ago, said that the group was planning to expand further.<br/><br/>Volkswagen, which will present its new strategy on July 13, is currently trying to consolidate its various charging efforts under the Charging &amp; Energy business area led by Elke Temme, a long-time executive at Germany&#39;s top utility RWE.<br/><br/>Charging infrastructure has attracted several sectors, including utilities, carmakers and big oil firms, all hoping to cash in on a rising demand for electricity in the wake of a global EV rollout.<br/><br/>Sources told Reuters last week that&nbsp;Renault&nbsp;and Shell were both interested in becoming co-owners in Ionity, the European EV charging joint venture owned by BMW Hyundai,&nbsp;Ford, Daimler and VW.</p>