- Volkswagen AG VWAGY looks to re-launch the Scout as a fully-electric pick-up and “rugged” SUV with prototypes due to be revealed in 2023 and production planned to begin in 2026.
- This year, VW looks to set up a separate and independent company to design, engineer, and manufacture the Scout pick-ups and SUVs for the U.S. market, CNBC reports.
- The Scout dated back to the 1960s and ceased in 1980.
- CEO Herbert Diess said that they would design, engineer, and manufacture the vehicles in the U.S. for American customers, which was their most significant growth opportunity.
- VW built up capacities in the U.S. Later, around August, ID 4 production will start in its Chattanooga facilities.
- VW also had programs for Audi and Porsche to increase their market share and saw some more products, electric products, produced in America for America.
- “If we really want to become relevant in America, we have to look at the other segments,” Diess said. “And pick-ups, big SUVs, are very, very big in America.”
- Diess aimed to grow its U.S. market share from 4% presently to 10% by the end of the decade.
- Diess highlighted that the firm had momentum, was profitable, and was “really making good progress with the electric cars.”
- These vehicles include the fully electric ID Buzz, inspired by the T1 Microbus or “hippie” van.
- European versions of the ID Buzz will likely go on sale this year, with sales of an American model starting in 2024.
- Price Action: VWAGY shares closed at $20.04 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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