Volkswagen CEO Shares Ambitious EV Ambitions For US Market

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.

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