Frankfurt (Reuters)- Volkswagen Is to sell its shares Electric car Two people familiar with the matter said that the charging unit Electrify America is looking for external funds to build infrastructure for battery-powered cars.

Volkswagen is working with Citigroup to find co-investors ready to inject about $11 People familiar with the matter said that the sector will enter $1 billion, adding that the company expects to reach infrastructure groups and other potential investors soon.

Volkswagen, Electrify America and Citi declined to comment.

Established after Volkswagen Emissions In the cheating scandal that broke out in the United States, Electrify America plans to spend $2 Invest 1 billion US dollars during 2017-2026 to expand electric vehicle (EV) charging stations.

The main competitors of this unit include Charging point with Tesla’s The Supercharger network has 635 charging stations, of which approximately 2,850 fast loading points are up and running. According to its website, another 125 charging stations are currently being planned.

This includes an ultra-fast, high-speed 320 kilowatt charging station that enables car owners to charge their cars in 20 minutes.

On Volkswagen’s March Electricity Day, Electrify America CEO Giovanni Palazzo Daimler It was stated ten years ago that the group is planning to expand further.

Volkswagen will show its new strategy on July 13 and is currently trying to integrate its various charging work in the charging and energy business area led by Elke Temme, a long-term executive of Germany’s top utility company RWE.

Charging infrastructure has attracted multiple industries, including utilities, automakers, and large oil companies, all of which hope to profit from the growing demand for electricity after the introduction of global electric vehicles.

A source told Reuters last week that Renault Both Shell and Shell are interested in becoming co-owners of Ionity, which is a European electric vehicle charging joint venture BMW, modern, FordDaimler and public.

(Reporting by Arno Schuetze and Christoph Steitz. Additional reporting by Ben Klayman; Editing by Nick Macfie)


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