Volkswagen says name modify announcement portion of joke

Volkswagen showcased its intent of focusing massively on electric powered autos by, and also, releasing a statement previously this 7 days informing it intends to change its title to Voltswagen. On Tuesday, the business engaged the reverse equipment and stated that it was all aspect of an elaborate joke.

As for every a report in the Linked Press, Volkswagen spokesperson Mark Gillies knowledgeable that the intended identify adjust from Volkswagen to Voltswagen was section of the firm’s pre-April Fool’s Working day joke. He had previously mentioned that the identify improve was authentic and in fact happening.

Even though the modify in name may well have been deemed a joke, Volkswagen states that the underlining topic was the emphasis on EVs. And the motor vehicle maker desires the earth to know that this isn’t a joke immediately after all.

(Also browse: Volkswagen to broaden its SUV selection, announces a new model known as Taigo)

For Volkswagen to issue a statement on an meant name modify and afterwards time period it as a joke is pretty strange for a organization of its stature.

Numerous media shops across the world, which includes HT Vehicle, had described about the probability of Volkswagen shifting its identify to Voltswagen. That it was all a joke was verified by Scott Keogh, President and CEO of Volkswagen of The usa. “We may be changing out our K for a T, but what we are not transforming is this brand’s determination to generating ideal-in-course vehicles for motorists and persons almost everywhere,” a press assertion attributed to him study.

The humour in it all may perhaps go lacking in some quarters and primarily with US securities regulators. This is mainly because Volkswagen shares in the nation experienced risen by 5{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} soon after the title alter experienced been declared. It is claimed that investors are likely to respond positively to most moves produced by businesses that have anything or the other to do with EVs. And although Volkswagen states it continues to be fully commited to EVs, the amusing element of a pre-April Fool’s Working day joke may perhaps go missing. Some industry watchers have even absent to the extent of terming the entire incident outright ‘stupid’ and ‘incredibly immature.’

Other folks are drawing parallels in between Volkswagen’s name-modify hoax and Tesla CEO Elon Musk – back in 2018 – tweeting about using the enterprise private and that he experienced secured funding for it. Equally Musk and Tesla experienced to pay back hefty quantities in penalties mainly because whilst Tesla stocks rose on the information, there was no serious reality to it at all. And when Tesla has an unconventional way of accomplishing enterprise, Volkswagen might be heading down the exact same path – albeit slowly. No matter if it can help the automobile maker in the lengthy run, as it seems to capture up to Tesla in the entire world of electric powered mobility – it remains to be observed.