A press release published accidentally ahead in time illustrates Volkswagen AG’s (OTC: VWAGY) commitment to an electric vehicle-centric future, with the company rebranding its United States operations to “Voltswagen of America,” CNBC reported Monday.
What Happened: The press release, dated April 29, was accidentally posted to the German automaker’s website a month earlier than scheduled on Monday, according to CNBC, which said a person familiar with the matter confirmed the authenticity of the statement.
The name change to Voltswagen is reportedly due for May and, as per the press release, the change is a “public declaration of the company’s future-forward investment in e-mobility.”
While Voltswagen will be emblazoned on all EV models, gas vehicles would continue to carry the VW emblem, as per the release.
The VW logo for gas-powered vehicles would retain its dark blue color, while the EVs would use a light blue one.
The Volt in Voltswagen is a reference to the unit of electric potential.
Why It Matters: The Herndon, Virginia-headquartered Voltswagen of America would be constituted as an operating unit of Volkswagen Group of America, a subsidiary of Volkswagen AG, as per the press release.
Volkswagen laid out its technology roadmap for batteries and charging up till 2030 this month and said that it wants to produce cells with a total energy value of 240 GWh per year.
The company’s OTC shares have spiked 66.5% so far in 2021 as it announced ambitious plans surrounding EVs.
However, not all have been left impressed. Cathie Wood’s Ark Investment Management, which manages the ARK Innovation ETF (NYSE: ARKK) among others, decried the German automaker’s “linear thinking” on batteries and questioned if it could transition quickly enough to assume EV leadership currently held by Tesla Inc (NASDAQ: TSLA).
Price Action: Volkswagen OTC shares closed 6.52% higher at $34.65 on Friday.
Read Next: Volkswagen Heats Up China EV Competition As It Begins Deliveries Of ID.4 Crozz SUV
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.
(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
