Volkswagen, Siemens Among Companies Investing Over $700 Million to Boost EV Charger Production

Private companies including Volkswagen and Siemens have pledged to invest more than $700 million to boost U.S. manufacturing capacity for electric vehicle (EV) chargers, the White House announced on Tuesday.

The move is set to increase domestic capacity to manufacture more than 250,000 new EV chargers every year and will add at least 2,000 jobs, while making EV charging “more affordable, accessible, and equitable,” according to the Biden administration.

The investment will also support the $7.5 billion approved in Biden’s Bipartisan Infrastructure Law to build a network of EV chargers across the nation.

According to the announcement, Volkswagen unit Electrify American pledged an investment of $450 million, which will support the swift deployment of up to 10,000 ultra-fast chargers at 1,800 charging stations across the United States; more than the number of high-power chargers currently available in the country.