VW Changes U.S. Brand Name to 'VOLTSwagen' in Bold Commitment to EVs
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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.
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