Volkswagen increases investment in Electrify America

Volkswagen Group is increasing its capital investment in Electrify America beyond its original commitment of $2 billion through 2026. In making this commitment, Volkswagen noted Electrify America’s significant momentum, accelerated growth, and long-term value of its ultra-fast charging network.

The investments will support Electrify America’s accelerated growth plans through technological advancements in charging and energy solutions across public, home and commercial offerings. Specifically, in making the announcement, Electrify America said the investment highlights the long-term growth and viability of Electrify America’s plans to expand to 1,800 charging stations and more than 10,000 ultra-fast chargers in the U.S. and Canada by 2026.

“With our recent investment, we confirm our commitment to keep growing in the charging and energy business,” says Thomas Schmall, Volkswagen Group board of management member for technology and CEO of Volkswagen Group Components. “We are supporting eMobility in North America to more than double Electrify America’s charging infrastructure to 1,800 sites and 10,000 ultra-fast chargers by 2026.”

BorgWarner has agreed to acquire the electric vehicle solution, smart grid and smart energy businesses of Hubei Surpass Sun Electric (SSE). The transaction has an enterprise value of up to RMB 410 million (approx. $59.36 million).

Headquartered in Xiangyang, Hubei province, China, SSE’s electrification business supplies patented electric vehicle charging solutions to customers in China and more than 70 other countries. SSE says it has delivered over 50,000 charging points and has led the engineering, procurement, and construction (EPC) of more than 250 charging station sites. SSE’s charging and electrification capabilities in China are expected to complement BorgWarner’s existing capabilities in Europe and North America, the companies say. SSE’s 2022 revenues for the electrification business are expected to be approximately RMB 180 million (approx. $26.06 million).