Volkswagen Plans To Expand Chattanooga Plant In US To Focus On EVs: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

April 28, 2022 7:32 AM | 1 min read |

Volkswagen AG VWAGY plans to expand its Chattanooga plant in the U.S. to produce an electric pick-up and the new ID.Buzz microbus, Reuters reported.
The move is expected to grow the company’s market share in North America.
The carmaker plans to invest at least $7.1 billion over the next five years in North America and add 25 new electric vehicles there by 2030.
The report noted that the Chattanooga plant, Volkswagen’s only plant in the U.S., commenced pilot production of the ID.4 electric crossover in March in preparation for a fall launch.
Price Action: VWAGY shares closed higher by 0.53% at $21.67 on Wednesday.
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