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Volkswagen to Provide Unlimited Charging for ID.4 Electric SUV

Volkswagen AG VWAGY recently entered into an agreement with Electrify America in order to provide owners of its all-new 2021 VW ID.4 electric sport utility vehicle (SUV) with three years of unlimited charging in the United States on the latter’s network. This facility will be offered at the country’s largest open DC fast-charging station, without incurring any additional cost to the vehicle's price for the customers.

Electrify America, created by Volkswagen as part of its emissions scam settlement, is one of the largest open DC Fast Charging networks in the United States. The company is aimed at promoting adoption of electric vehicles (EV) by offering an accelerated and convenient charging network. To facilitate this, the firm has been making direct deals with automakers to provide charging of their new electric cars.
Electrify America opened DC fast-charging stations at an accelerated pace in 2019, underscoring the firm’s commitment to drive the EV industry’s growth. Reportedly, Electrify America currently has more than 470 charging stations and more than 2,000 DC fast chargers in the United States, all of which can be accessed by the Volkswagen customers per the new deal. Moreover, Electrify America aspires to open approximately 800 total charging stations with about 3,500 DC fast chargers by the end of next year in a bid to cater to the rising demand of EVs. Presently, Electrify America is the only public charging network which offers chargers with power levels up to 350 kilowatts.

Scheduled for a global debut soon, the 2021 ID.4 electric SUV is based on Volkswagen’s modular MEB platform designed to be sold in the United States. The company plans to take the EV game a notch higher with the launch of this compact SUV. By incorporating the feature of three years of fast charging for leased or purchased ID.4 SUV at no additional cost, the company has removed all hindrances encountered by SUV buyers in going electric. To make it seamless for customers, Electrify America will offer an app through which they can access their charging plans.

Ahead of the global launch, the German automaker recently released a new teaser for the EV to enlighten customers about its light design. Based on the principle "Light is the new chrome”, LED technology will be offered as a standard to its customers, with the option to upgrade to the exclusive IQ.Light technology. The tail light in the rear will be using 3D LED technology featuring light-emitting diodes. Volkswagen’s new model is pivoted primarily on its new light features, underscoring the fact that light is vital for EV.

Amid heightening climate-change concerns, the EV industry is booming like never before. Automakers are shifting their focus on providing clean transportation by lowering the carbon emissions. The deal between Volkswagen and Electrify America highlights the German automaker’s aggressive efforts to heat up the EV race and displays the firm’s commitment to an electrified future. Other top players in the EV race are Tesla TSLA, General Motors GM and NIO Inc. NIO.

Volkswagen currently carries a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of the company have depreciated 11.4% year to date, underperforming the industry’s decline of 5.5%.

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