Volkswagen Sells Siemens Minority Stake in Electrify America

Volkswagen AG is selling to Siemens AGa minority stake in Electrify America, the electric-car charging subsidiary the German automaker established in the wake of its diesel-emissions scandal.

The partners’ joint investment of $450 million in the network brings Electrify America’s valuation to $2.45 billion, the companies said Tuesday in a joint statement. The investment by Siemens, which will hold a seat on the board, amounts to a roughly 10% stake in the company, people familiar with the matter said.

“With our additional investment in Electrify America, we are giving e-mobility in North America a further boost,” Thomas Schmall, head ...