Volkswagen, Siemens, Others Invest Over $700M For Hassle-Free, Cheaper EV Charging

The White House disclosed that companies are looking to invest over $700 million to boost U.S. manufacturing capacity for electric vehicle (EV) chargers, Reuters reports.
The move could add at least 2,000 jobs and make charging more accessible and affordable.
The investments include $450 million earmarked by Volkswagen AG VWAGY unit Electrify America and over $250 million by Siemens AG SIEGY to expand its Grand Prairie, Texas, and Ponoma, California EV charger plants.
Related: Volkswagen In Talks To Sell Stake In US EV Charging Business To Siemens
EV charging network operator FLO invested $3 million in its first U.S. assembly plant in Auburn Hills, Michigan.
The investments look to boost U.S. manufacturing capacity for EV chargers to over 250,000 annually.
The U.S. government looks to grow the U.S. network of EV chargers to 500,000 by 2030, up from 100,000 today.
Recently, the U.S. Transportation Department (USDOT) proposed minimum standards for EV charging projects funded under a $5 billion government program.
The U.S. earmarked $7.5 billion in subsidies in 2021's bipartisan infrastructure law.
The EV charging market continues to attract players like Contemporary Amperex Technology Co Ltd, Panasonic Holdings Corp (OTC: PCRFY), and LG Electronics Inc (OTC: LGEJY) to tap the likes of Tesla, Inc TSLA.
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