VW’s Secret Plan To Change To EV-Friendly Name

Volkswagen has accidentally revealed its plans to change the name of its business in the United States from Volkswagen to Voltswagen, CNBC reported, in a bid to win more EV-friendly buyers to its electric vehicle lineup. The name change is scheduled to take effect in May.

The German company accidentally published a press release yesterday that announced the pending name change. The press release was dated a month from now. According to the CNBC report, the company said that the rebranding will include placing the new name as a badge on the body of all VW models sold in the United States.

Volkswagen is among the most ambitious EV backers among major carmakers, pouring billions into their production—more precisely, $50 billion. It launched its first EV plant last year to much fanfare, to start with the ID.3, VW’s answer to Tesla’s Model 3. The release of the car, however, was followed by customer complaints about the software, suggesting that Volkswagen’s foray into EVs and its direct and open challenge to Tesla may have been a little premature.

However, VW and its peers have little choice but to forge ahead with their EV plans, if only because of tightening European Union regulation on emissions that requires carmakers to curb the emissions output of the vehicles they manufacture. This regulation has served as solid motivation for VW and the rest of the majors to really get serious about electric cars.

The rebranding plan for the U.S. operations of the German carmaker is the latest proof of this motivation. Earlier this month, CNBC recalls, the company held a Power Day, which was focused on its EV technology. VW also said it expected as much as 70 percent of its car sales in Europe would be electric cars by 2030, doubling an earlier target of 35 percent of European sales.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

• OPEC’s Biggest Fear Is Becoming A Reality
  
• Investors Are Betting Big On Energy Stocks In 2021
  
• Most Hydrogen Is A “Climate Killer”: Enel Executive