VW Changes U.S. Brand Name to 'VOLTSwagen' in Bold Commitment to EVs
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
- J&J (JNJ) Privately Asked Rival Covid-19 Vaccine Makers to Inspect Clotting Risks, AstraZeneca (AZN) Said Yes but Pfizer (PFE) and Moderna (MRNA) Declined - Report
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
UPDATE 3:55PM ET: Volkswagen will not change the name of its U.S. unit from Volkswagen of America to Voltswagen of America.
VW (OTC: VWAGY) doubled down on its commitment to EVs by taking the bold step of changing its U.S. brand name to "Voltswagen" - note the 'Volts' instead of 'Volks'.
U.S. name change from Volkswagen of America to Voltswagen of America begins May 2021.
"More than a name change, “Voltswagen” is a public declaration of the company’s future-forward investment in e-mobility," the company said in a statement. "By definition, Volts are the derived units for electric potential between two points. The new name and branding symbolize the highly-charged forward momentum Voltswagen has put in motion, pursuing a goal of moving all people point-to-point with EVs."
"We believe the name change underscores VW's clear commitment to its EV brand and massive EV endeavors over the coming years," Wedbush analyst Dan Ives commented. "VW is doubling down on its EV initiatives for the next decade as the European auto stalwart unveiled its plans to build six "gigafactories" in Europe by 2030 with a total production capacity of 240 gigawatt hours per year."
Ives also thinks VW is the most likely EV partner for Apple (NASDAQ: AAPL) the iPhone-Maker goes through the "EV dating game". He said it is likely Apple picks its strategic EV partner by the summer timeframe for the Apple Car.
The analyst sees EV penetration, currently sitting at 3%, going to 10% by 2025.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Cathie Wood's ARK Bought 3 Million Shares Of New Autonomous Truck IPO
- UPDATE: Pinterest (PINS) Declines on Open, Down 5%
- Tesla (TSLA) 30-day IV at 65
Create E-mail Alert Related CategoriesAnalyst Comments, Corporate News, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!