Siemens said it would separate its electric vehicle charging unit to create an independent business that is more agile and better positioned to capitalize on opportunities in the fast-growing market.

Siemens (OTCPK:SIEGY) said Monday it will separate its electric vehicle charging unit to create an independent business, as it aims to place its electric mobility unit on track to become more agile with more freedom to "define its focus areas based on business strengths.

Right now, Rivian has only two luxury models: the R1T and the R1S. They have garnered plenty of fanfare, with Consumer Reports listing the company as having the highest level of brand loyalty among all auto manufacturers -- electric or otherwise.

After years of subpar performance, there's now a light at the end of the tunnel for all three companies ... and their stocks.

Ford triggered a transformation when the U.S. automaker locked in a deal to give owners of its EVs access to the Tesla Supercharger network. EV owners of GM vehicles like the Chevrolet Silverado EV and Cadillac Lyriq will now officially have access to Tesla’s Superchargers.

And demand for EVs continues to grow despite a reduction in forecasts. Over the next five years, domestic EV sales are now expected to grow by more than 10% annually, with industry revenue for EVs in the U.S. surpassing $150 billion by 2029.

General Motors (GM) and Tesla have opened over 17,800 superchargers in the United States and Canada for GM electric vehicle owners, including Chevy, GMC, and Cadillac.