Volkswagen (VWAGY) to sell stake in its Electrify America subdivision to Siemens for $2 billion. It launches its all-electric sedan, ID. Aero Concept.
(Bloomberg) -- Volkswagen AG is selling to Siemens AG a minority stake in Electrify America, the electric-car charging subsidiary the German automaker established in the wake of its diesel-emissions scandal.Most Read from BloombergRussia Slips Into Historic Default as Sanctions Muddy Next StepsMichael Burry of ‘The Big Short’ Fame Warns Fed May Alter CourseBig Tech Sinks Stocks Bruised by Recession Fears: Markets WrapA $2 Trillion Free-Fall Rattles Crypto to the CoreAnti-Abortion Centers Find Pr
Volkswagen sees a strong second half of 2022 and expects progress in catching up with rival Tesla as easing chip shortages start to offset supply chain bottlenecks and rising costs, the carmaker's CEO said on Tuesday. "We are earning more than ever," Chief Executive Herbert Diess said at a works meeting, adding Volkswagen is ramping up electric vehicle volumes in its biggest markets in Germany and China thanks to easing semiconductor shortages.