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Volkswagen plans to build electric cars in U.S. by 2023

Published 11/30/2017, 05:58 PM
Updated 11/30/2017, 10:00 PM
© Reuters.  Volkswagen plans to build electric cars in U.S. by 2023
  • Volkswagen (DE:VOWG_p) (OTCPK:VLKAF, OTCPK:VLKAY) announced plans today to build one or two electric vehicles in the U.S. by 2023, probably at its Chattanooga, Tenn., factory.
  • The VW brand, the biggest of Volkswagen’s 12 brands that include Audi, Porsche, Bentley and Lamborghini, expects to sell ~100K electric vehicles worldwide in 2020 and 1M electric vehicles by 2025.
  • There could be political reasons to produce the electric models in Chattanooga - the company's only U.S. factory - in light of pressure on foreign manufacturers from Pres. Trump to stop making cars in Mexico but the plant is operating below capacity despite a strong revival of Volkswagen’s U.S. sales two years after the diesel emission cheating scandal.
  • Now read: As Merkel's Coalition Talks Collapse, Your Portfolio Is At Higher Risk


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