Siemens to Invest $30 Million to Train US EV Charger Technicians

FILE PHOTO: A Siemens electric vehicle charging station is displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Leonhard Simon/File Photo
FILE PHOTO: A Siemens electric vehicle charging station is displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Leonhard Simon/File Photo
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Siemens to Invest $30 Million to Train US EV Charger Technicians

FILE PHOTO: A Siemens electric vehicle charging station is displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Leonhard Simon/File Photo
FILE PHOTO: A Siemens electric vehicle charging station is displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Leonhard Simon/File Photo

The Siemens Foundation said on Wednesday it will make a $30-million, 10-year investment in workforce development in the United States focused on the fast-growing electric vehicle charging sector where tens of thousands of workers will be needed this decade.

"The number of jobs needed there is tremendous and it's immediate," said David Etzwiler, CEO of the foundation, the non-profit arm of German technology giant Siemens' US operations.

Starting with fast-track programs in Michigan and North Carolina, the initiative aims to train a diverse and inclusive workforce to build, install and service the infrastructure to support future EV demand, from residential chargers to large commercial fleets, Reuters reported.

The Siemens Foundation is partnering with the North Carolina Business Committee for Education and the Michigan-based Electric Vehicle Infrastructure Training Program (EVITP).

EVITP says it has trained and certified "thousands" of technicians in the United States and Canada to install and service EV supply equipment, mainly charging stations. A common complaint from EV owners is the general state of disrepair at many public charging stations.

EVITP stakeholders include automakers such as General Motors and BMW, equipment makers, utility companies and labor unions.

Siemens Foundation partners also include the National League of Cities and the National Governors Association.

Etzwiler said the initiative will emphasize training for individuals in underserved and underrepresented communities, providing a path to well-paying, long-lasting jobs in the EV charging sector.

Automakers support the foundation's efforts to "ensure that we've got a network of chargers across the country" to support accelerating EV production, Etzwiler said.

"Making sure that we have a reliable (charging) network is part of ramping up EV manufacturing in this country,” he added. The critical piece of that is training "the technicians who are going to serve that market."



US Supreme Court Tosses Case Involving Securities Fraud Suit against Facebook

A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)
A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)
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US Supreme Court Tosses Case Involving Securities Fraud Suit against Facebook

A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)
A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)

The US Supreme Court sidestepped on Friday a decision on whether to allow shareholders to proceed with a securities fraud lawsuit accusing Meta's Facebook of misleading investors about the misuse of the social media platform's user data.
The justices, who heard arguments in the case on Nov. 6, dismissed Facebook's appeal of a lower court's ruling that had allowed a 2018 class action led by Amalgamated Bank to proceed. The Supreme Court opted not resolve the underlying legal dispute, determining that the case should not have been taken up. Its action leaves the lower court's decision in place, Reuters reported. 
The court's dismissal came in a one-line order that provided no explanation. The Facebook dispute was one of two cases to come before the Supreme Court this month involving the right of private litigants to hold companies to account for alleged securities fraud. The other one, involving the artificial intelligence chipmaker Nvidia, was argued on Nov. 13. The Supreme Court has not ruled yet in the Nvidia case.
The plaintiffs in the Facebook case claimed the company unlawfully withheld information from investors about a 2015 data breach involving British political consulting firm Cambridge Analytica that affected more than 30 million Facebook users. They accused Facebook of misleading investors in violation of the Securities Exchange Act, a 1934 federal law that requires publicly traded companies to disclose their business risks. Facebook's stock fell following 2018 media reports that Cambridge Analytica had used improperly harvested Facebook user data in connection with Donald Trump's successful US presidential campaign in 2016. The investors have sought unspecified monetary damages in part to recoup the lost value of the Facebook stock they held.
At issue was whether Facebook broke the law when it failed to detail the prior data breach in subsequent business-risk disclosures, and instead portrayed the risk of such incidents as purely hypothetical.
Facebook argued that it was not required to reveal that its warned-of risk had already materialized because "a reasonable investor" would understand risk disclosures to be forward-looking statements. President Joe Biden's administration supported the shareholders in the case.
US District Judge Edward Davila dismissed the lawsuit but the San Francisco-based 9th US Circuit Court of Appeals revived it.
The Cambridge Analytica data breach prompted US government investigations into Facebook's privacy practices, various lawsuits and a US congressional hearing. The US Securities and Exchange Commission in 2019 brought an enforcement action against Facebook over the matter, which the company settled for $100 million. Facebook paid a separate $5 billion penalty to the US Federal Trade Commission over the issue.
The Supreme Court in prior rulings has limited the authority of the Securities and Exchange Commission, the federal agency that polices securities fraud.