Volkswagen to Launch EV Truck, SUV in U.S. - Report

German car giant Volkswagen (OTC: VWAGY) plans to offer a fully electric pick-up and sports utility vehicle in the U.S., Reuters reported citing people familiar with the matter. The vehicles will be launched under the Scout brand.

Volkswagen plans to invest approximately 100 million euros in the new brand, it was added. Further, the company may seek external funding for the brand through investors or an IPO.

If Volkswagen follows through with the plan, the company will compete with upstart Rivian Automotive, Inc. (NASDAQ: RIVN), which is selling vehicles but having supply chain trouble, Ford (NYSE: F), which recently launched the F-150 Lightning, GM (NYSE: GM) with its Hummer EV and more on the way, and potentially Tesla (NASDAQ: TSLA), which has seen its Cybertruck delayed.

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