Volkswagen Explores EV Deal With Popular Apple Supplier To Tap Juicy US Market

Volkswagen AG VWAGY may tap popular Apple Inc AAPL supplier to make electric pickups and sport utility vehicles in the U.S. as the German carmaker weighs partnerships to support its North American expansion.
VW discussed with Hon Hai Precision Industry Co Ltd HNHPF, operating as Foxconn Technology Group, about cooperating on a factory to make models for its rugged Scout brand, Bloomberg reports.
Alternatives included partnering with Magna International, Inc MGA Magna Steyr and, as the least likely option, VW building a factory on its own.
Volkswagen is "very happy with the progress that Scout is making and the enthusiasm they are already able to spark," the report cited the company.
Europe's biggest carmaker is reviving the dormant off-road vehicle Scout brand to better compete in the lucrative U.S. pickup and SUV market.
The Germans plan to launch prototypes in 2023 and begin production in 2026, years behind similar models from Ford Motor Co F, General Motors Co GM, and Rivian Automotive, Inc RIVN.
Foxconn has been looking to expand in the fast-growing EV market.
Price Action: VWAGY shares closed higher by 0.86% at $18.77 on Tuesday.
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