Volkswagen Group of America has announced a new U.S. subsidiary called “Electrify America” that will manage $2 billion in investments to support the development of a zero emission vehicle infrastructure and associated awareness programs.
Established as part of a court-mandated settlement for its diesel emissions scandal, the unit plans to install 500 charging stations throughout the U.S., as well as a nationwide network of 200 high-speed stations specifically set up for electric vehicles. A separate “Green City” pilot program will also be launched in a California city that may include support for initiatives such as shuttle services or car-sharing facilities.
To be spearheaded by VW executive Mark McNabb, Electrify America will commit $500 million in investments every 30 months over a period of ten years.
VW is required to submit preliminary plans for the first funding installment by February 22. All investments will be subject to the approval of the California Air Resources Board and the U.S. Environmental Protection Agency.
The Electrify America unit will be based in Reston, Virginia and operate as a wholly owned subsidiary of Volkswagen Group of America.
Read full article at: Reuters »