Siemens To Expand Electric Vehicle Charging Manufacturing In US

Siemens AG SIEGY plans to invest and expand its U.S. manufacturing operations to support electric vehicle infrastructure in America.
The company will bolster its existing manufacturing footprint of EV infrastructure with the VersiCharge Level 2 AC series product line of commercial and residential EV chargers.
Siemens plans to manufacture over 1 million electric vehicle chargers for the U.S. over the next four years.
The new facility will be Siemens' third U.S. eMobility hub and will support 100 jobs across the manufacturing site and regional supply chain.
This year, Siemens plans to identify a location and bring a facility online to begin manufacturing AC chargers in the country in early 2022.
The plant will serve as a counterpart to Siemens' existing operations in Wendell, North Carolina, where the company manufactures charging solutions for buses, trucks, and heavy-duty electric vehicles.
"We're incredibly encouraged by the continued commitment from the Administration and the Senate's bipartisan approval of a historic $1 trillion bipartisan infrastructure bill, which includes a $7.5 billion investment to construct electric vehicle stations, and Siemens is answering the call to accelerate EV charging production in the U.S.," commented John DeBoer, head of Siemens eMobility solutions and Future Grid Business in North America.
Price Action: SIEGY shares are trading higher by 0.39% at $82.37 on the last check Tuesday.