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SEC Investigating VW Due to the “Voltswagen” Stunt

Voltswagen

The “Voltswagen” April Fool’s Day prank has led to an investigation by the SEC.

What started out as a “humorous” advertising and marketing ploy could land German automaker Volkswagen in serious trouble with the federal government.

The Securities and Exchange Commission (SEC) is apparently looking into VW’s “Voltswagen” marketing stunt to determine if it hurt company stock prices and may have broken any U.S. securities laws, according to German news outlet Der Spiegel.

The incident in question dates back to March 29. As a sort of early April Fool’s Day prank (and marketing ploy), VW “accidentally” released a rough draft of a press release declaring the company was going to change its name to “Voltswagen” as part of a larger effort to promote its ever-growing line-up of electric vehicles (EVs).

This action was picked up by the worldwide automotive press and on March 30 VW issued an official press release to several news outlets, including the Associated Press, confirming the leaked statement from the day before.

This action resulted in VW’s stock price going up. At one point it was 12.5% above its price before the whole incident.

SEC looking at jump in stock price

VW of America President Scott Keogh took responsibility for the poorly received April Fools’ prank that wasn’t on April 1.

This is what caught the attention of the SEC, taking what many considered a fairly unfunny publicity ruse to a possible federal offense.

After the April Fool’s stunt failed in the eyes of the media and the public, VW issued a press statement saying the releases were actually part of a larger tradition in which companies often issue prank statements.

This one just meant to also focus the world’s attention on VW’s growing EV portfolio.

But public statements that affect stock prices usually don’t get an “April Fools” immunity. An SEC investigation could result in charges against the company.

Several news organizations, including The New York Times and Reuters, have asked for a comment from VW. So far, the company has declined to issue one.

Just one of many VW legal scandals

This is not the first time VW has gotten into trouble for the way it conducts its business.

Oh those wacky Germans!! As quickly as it got here, VW took it away: Voltswagen is the company that never was.

In October 2015, as Volkswagen struggled to deal with its diesel emissions scandal, new data raised questions about whether the automaker properly reported death and injury claims to U.S. regulators during the past decade.

A study by the financial advisory firm Stout Risius Ross Inc., found that Volkswagen of America reported nine times fewer deaths and injuries than the average of the 11 largest automakers operating in the U.S. market. Significantly, VW reported less than half as many incidents as either Fiat Chrysler or Honda, both of which have been fined for underreporting their own death and injury data.

Back in September 2015, the EPA accused the German maker of using a so-called “defeat devices,” software designed to fool government emissions tests, on a variety of luxury models from the Audi and Porsche brands. The feds charged VW took steps to cover up excess emissions on 482,000 vehicles sold in the U.S. during a 7-year period.

The end result was VW paying billions of dollars in fines to various governments around the world. The company also faced numerous consumer lawsuits that further cost the company money.


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Volkswagen Ponders Porsche Offering to Fund EVs

Porsche steering wheel

Volkswagen reportedly is considering an offering of Porsche stock to help fund its $86 billion EV plan.

Bringing EVs to market costs big money, forcing some automakers to go public to raise cash – Volkswagen possibly being next.

Reports suggest that VW is pondering a listing of Porsche AG. The money raised designed to help with the roll out more than $86 billion in electric vehicles set to come mid-decade. German business publication Manager Magzin reported the plan is only in the discussion stage.

The listing, which reportedly could net as much $30 billion, would only be for part of the sports car maker and wouldn’t occur until next year, the publication reported. Some analysts believe if Porsche AG were to be spun off entirely it could be worth more than $120 billion.

Volkswagen’s not alone

VW says it will roll out 50 electrified vehicles across all its brands by 2025.

The rumor comes on the heels of Daimler AG’s move to separate its truck unit into its own separate company in the third quarter of this year. The idea is to “unlock the full potential” of the businesses, which some analysts believe means some sort of offering to raise cash.

Once the split occurs, the car unit will need to fund its ongoing expansion of its electrification effort and that could conceivably come in the form of issuing new shares. The new business will be named Mercedes-Benz AG.

Plenty of other automakers have benefitted from IPOs, notably Ferrari and Aston Martin. However, with the influx of new EV makers moving closer to production around the world, the final push to the finish line requires a massive amount of cash.

EV makers raising money

Nascent electric vehicle companies have been scurrying around looking to add more money to their coffers, the latest company added to the list is Rivian. The company raised more than $8 billion from private investors since the start of 2019, including a recent round netting the company $2.65 billion in fresh money.

Volkswagen has designated $86 billion to bring more than 50 EVs to market in the next few years, including the ID.4.

However, as the company is closing in on building pre-production and early run production electric trucks and SUVs at its plant in Normal, Illinois, the idea of having enough liquidity to get through the process must weigh heavy on the top minds there.

With all of the other EV makers raising money through reverse mergers with blank-check companies and getting listed and a fat check, Rivian appears to be on board. Reports suggest the company is preparing for a conventional IPO this fall that could net it as much as $50 billion.

Other EV companies that have secured additional funding through offerings include Fisker, Lordstown Motors, Faraday Future, Lucid Motors and Nikola Motors. Also, the king of EV mountain repeatedly offered new shares to raise funds.


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Volkswagen Unveils New-Look Arteon for 2021

Volkswagen revealed the 2021 Arteon with a new more angular, athletic look.

Volkswagen unveiled its redesigned flagship model, the Arteon, revealing an updated exterior and what officials believe to be a significantly upgraded interior for the 2021 model year.

It’s not all sunshine and rainbows. The automaker is expanding the line-up to add a shooting brake, or wagon, version of the new Arteon — for Europe only. So for journalists and other rare fans of wagons, no dice.

But the new exterior gives the brand’s halo car a more aggressive look with some premium touches, which fits with what the company believes Arteon buyers want.

(VW debuting 2021 Arteon sedan, new shooting brake June 24.)

In fact, the new model more than ever is aimed at the qualities VW officials believe Arteon buyers ascribe to the vehicle: fun-to-drive, good performance, nice exterior styling and a feeling of refinement. In short, they want a premium car for a less-than-premium price tag. Volkswagen’s happy to deliver that to them.

“People are buying Volkswagens for the driving experience,” officials said.

Part of that experience is walking up to car and liking what you see. For the 2021 model year, the update is more evolution than revolution. The front end gets a more angular, sharpened look compared with its predecessor. The grille “is not just avant-garde, it’s also aerodynamic,” officials noted. That shows up in its drag coefficient of just 0.265.

The Arteon also gets a new illuminated grille and LED daytime running lights that connect form a central light bar, surrounding the new Volkswagen logo and using light as the new chrome. Consequently, the Arteon has been given a new and unmistakable daytime and night-time lighting signature.

In addition to the light bar, the front apron features three chrome bars instead of the four that used to be there. The outer and bottom segments of the front apron are always the same color as the vehicle’s paintwork (except the lateral air intake grilles). Another change comes with the SE trim level which gets two additional air intake openings, adding to the sedan’s more aggressive look.

(Volkswagen making $2B wager on China’s EV market.)

This overall look carries across the entire sedan, which adds three new colors for the 2021 model year: Oryx White, Kings Red Metallic and Lapiz Blue.

The biggest change comes on the inside, where VW designers wanted to give the Arteon a much more premium feel than past models. The idea was to compete with the Audi A5, and they believe they achieved it.

Volkswagen’s interior designers redesigned the entire dash panel – the surfaces, air outlets, and trims –the center console, including infotainment section and air-conditioning control, and the top sections of the door trims. The fabrics and leather in the vehicle interior have also been upgraded.

The Arteon interior is really where sporty elegance meets high-level functionality, starting with the next-gen multifunction steering wheel with digital touch surfaces. In combination with the Travel Assist system, the steering wheel rim additionally features touch-sensitive surfaces which, once Travel Assist has been activated, detect whether the driver has at least one hand on the steering wheel for safety reasons.