Volkswagen to sell stake in charging unit Electrify America -sources

FILE PHOTO: A new logo of German carmaker Volkswagen is unveiled at the VW headquarters in Wolfsburg, Germany September 9, 2019. REUTERS/Fabian Bimmer/File Photo

FRANKFURT (Reuters) -Volkswagen is to sell a stake in its electric vehicle charging unit Electrify America, two people familiar with the matter said, as the carmaker looks for outside funds to build infrastructure for battery-powered cars.

Volkswagen is working with Citi to look for a co-investor that is prepared to inject roughly $1 billion into the division, the people said, adding that the company is expected shortly to reach out to infrastructure groups and other potential investors.