Volkswagen is making the last preparation to enter the US EV truck market, the announcement made by Volkswagen Group’s Supervisory Board mentioned the production of an all-electric pickup truck and a similarly powered SUV too under the name of a new separate company called scout.
Volkswagen hopes to start production by 2026 and enter the US EV market as a strong competitor under the new scoot brand.
Herbert Diess, CEO of Volkswagen AG said that the company wants to capitalize on its successful turnaround in the US by taking a strong position in the emerging EV truck market.
“Electrification provides a historic opportunity to enter the highly-attractive pickup and R-SUV segment as a Group, underscoring our ambition to become a relevant player in the US market,” he added.
The German carmaker is shooting for 10% in the market by 2030, to achieve that, Volkswagen is willing to spend $1.7 billion as an investment to further enrich its EV lineup, and start manufacturing right here in the US. As it considers the US market as the centerpiece for future expansion plans.
Arno Antlitz, CFO of Volkswagen Group has explained why Volkswagen chose the SUV & truck segment specifically; “Success in the SUV & pick-up segment is key for further profitable growth in the US. And now we have a unique opportunity for market entry,” he added that: “The size of the full-size segment gives us the opportunity to achieve higher unit sales with a small number of models. This offers additional return opportunities.”
Having said that, the job won’t be easy for Volkswagen, other carmakers took note of the new EV truck market, and have ambitious plans to carve up big chunks of it. Brands like Ford, Rivian, and Tesla are the main competitors that Volkswagen is going to contend with. That’s why the brand is working diligently to build a solid technological base to start from.
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