German automaker, Volkswagen, is reportedly in plans to rename its U.S. operations to ‘Voltswagen of America’, demonstrating the firm’s future-forward focus in e-mobility.
Sources with knowledge of the matter stated that the Volt in Voltswagen refers to the company’s renowned electrical unit. Voltswagen with a light blue VW logo will be adorned on all EV models, while gas vehicles will retain the VW logo in dark blue.
It is worth noting that, earlier this month, Volkswagen unveiled its battery and charging technology roadmap, stating that it aims to manufacture cells with a total energy value of 240 GWh per year by 2030.
Cathie Wood's Ark Investment Management, which oversees the ARK Innovation ETF among others, criticized the ‘linear thinking’ of the German automaker on batteries and questioned whether it could transition fast enough to overtake Tesla Inc. as the leader in electric vehicles.
In March, Volkswagen started shipping the ID.4, the first electric vehicle for the U.S. market. The Volkswagen Group set out a broad plan to overtake Tesla in the EV space during a presentation in the same month.
Around six European battery manufacturing plants, modern battery technology, and charging infrastructure investments were all part of the plans, cited credible sources.
It is also to be noted that Volkswagen has been putting its efforts into cleaning up its image after it had cheated on the emissions tests in the United States in 2015. The company had also pleaded guilty in 2017, facing a fine of USD 4.3 billion in civil as well as criminal penalties.
Volkswagen’s OTC shares have increased 66.5% so far in 2021, following the announcement of ambitious EV plans, confirmed sources.
Volkswagen’s American rival GM (General Motors) had also introduced a new logo earlier in January as part of its ambitious electrification drive.
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