© Reuters.Volkswagen to launch EV truck and SUV in US – report
German auto giant Volkswagen (ETR:) (VWAGY (OTC:)) plans to launch an all-electric pickup truck and sport utility vehicle in the United States, Reuters reported, citing people familiar with the matter. The vehicles will be launched under the Scout brand.
Volkswagen plans to invest around 100 million euros in the new brand. Additionally, companies may seek outside funding for brands through investors or IPOs.
If Volkswagen goes ahead with the plan, the company would compete with upstart Rivian Automotive, Inc. (NASDAQ: ), which is selling cars but has supply chain issues, and Ford Motor Co (NYSE: ) ) recently launched the F-150 Lightning, General Motors (NYSE: ) its Hummer EV and more are in development, and potentially Tesla (NASDAQ: ), its Cybertruck has been delayed.