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SEC Investigating VW Due to the “Voltswagen” Stunt

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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Tesla Sets New Records with Q1 Results

Tesla set another quarterly record for deliveries during the first quarter of 2021.

As predicted by many, Tesla Inc. set another quarterly record for production and deliveries during the first quarter of 2021 while rolling out another profitable quarter.

The delivery numbers eclipsed the previous record by more than 4,000 units, coming in at 184,877 vehicles during the quarter. The overwhelming majority of the deliveries were Model 3 and Model Y at 182,847 vehicles – at 140% increase compared to the year-ago number. It’s also a 21,000-plus unit jump compared with the previous quarter.

The company’s automotive revenue came in at $9 billion, an increase of 75% compared with Q1 2020. Overall, the company’s total revenue came in at $10.4 billion with a net income of $438 million or 39 cents per share. It also reported an adjusted EBITDA of $1.8 billion for the quarter with operating income reported at $594 million with a 5.7% operating margin.

Big results — again

Tesla’s Elon Musk is taking on a new role: host of Saturday Night Live.

Quarter-end and cash equivalents to $17.1 billion in Q1, driven mainly by a net cash outflow of $1.2 billion in cryptocurrency (Bitcoin) purchases, net debt and finance lease repaymenbts of $1.2 billion, partially offset by free cash flow of $293 million.

“There’s no guarantee that Elon Musk’s appearance on SNL will garner big laughs, but it’s certain that he’s laughing all the way to the bank,” said Jessic Caldwell, Edmunds’ executive director of insights.

“Tesla had a record-breaking first quarter, and seems to be doing particularly well compared to its more traditional OEM competitors who are starting to flounder in light of the unique market conditions squeezing the industry right now. It’s pretty ironic that as an automaker known for producing computers on wheels, Tesla’s deliveries in a quarter marred by a global chip shortage have proven to be so strong.

The big numbers came despite the fact the average selling price for one of its vehicles fell during the quarter. However, officials seem almost pleased by that, noting that lowering “the average cost of the vehicles we produce is essential to our mission.”

The exterior of the new Model S is a little more angular than its predecessor.

Big sales — again

The company was quick to note that with production of its Model 3 basically coming from one plant (Shanghai), it is the best-selling premium sedan “in the world.” It outsold its top competitors, the BMW 3 Series and Mercedes E-Class.

“This demonstrates that an electric vehicle can be a category leader and outsell its gas-powered counterparts. We believe Model Y can become not just a category leader, but also the best-selling vehicle of any kind globally,” the company told investors.

With the strong performance of those two, production of the 2021 Model S — the vehicle that really started it all — “should start very shortly.” Officials noted that production of the Model Y production rate in Shanghai continues to improve and “two new factories — Berlin and Texas — are making progress. There is a lot to be excited about in 2021.”

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South Korean EV Battery Makers Settle U.S. Squabble

SK Innovation paid $1.8 billion to LG Energy as part of a settlement so it can produce EV batteries at this soon-to-be-complete plant in Georgia.

South Korean battery makers LG Energy Solution and SK Innovation finally settled a two-year old dispute about intellectual property that had the potential to undermine efforts by Ford Motor Co. and Volkswagen AG to put electric vehicles on the road.

The agreement came as the Sunday deadline for President Joe Biden to become involved loomed over the process. In a joint statement released this past weekend, the sides said they agreed to settle all legal disputes relating to EV batteries in the United States and South Korea.

As part of the settlement, SK agreed to pay the equivalent of $1.8 billion in a lump sum and royalties. In return, SK can move forward with the operations of a new plant in Georgia that is expected to supply batteries for EVs built by Ford and Volkswagen.

Production at the Georgia plant was threatened by the litigation, which had grown to include the U.S. International Trade Commission and the White House as well as regulators in South Korea.

Ford relieved by settlement

Ford was counting on SK Innovation to produce EV batteries for its electrified F-150.

“We are pleased that SK Innovation and LG Energy Solution have settled their differences. This allows us to focus on delivering a range of Ford world-class battery electric vehicles for our retail and fleet customers, while also supporting American workers, the economy and our shared goal of protecting the planet,” Ford said in a statement released after the settlement was announced in South Korea.

Back in February, U.S. ITC sided LG Energy in a trade secrets case but permitted SK Innovation to import components for domestic production of lithium-ion batteries for Ford Motor Co’s EV F-150 program for up to four years, and for Volkswagen of America’s electric vehicle line for two years.

As a result of the settlement announced over the weekend, both sides have agreed to withdraw all pending legal disputes in United States and Korea and agreed to a “10-year non-assertion,” essentially agreeing not to sue each other for a decade.

Jong Hyun Kim, CEO and president of LG Energy Solution and Jun Kim, CEO and resident of SK Innovation released a joint statement announcing the settlement and agreed to focus on the larger goals set forth by the Biden administration.

The Volkswagen ID.4, which is the brand’s first EV in the U.S., will reportedly use SK Innovation batteries.

“This settlement demonstrates LG Energy Solution’s willingness to protect and maintain a fair and competitive climate within the EV industry. This agreement also reinforces the significance of our intellectual property acquired over the past 30 years,” said LG Energy’s Jong Hyun Kim.

Help from Biden sought in dispute

The settlement in South Korea also eliminates the need for even more direct intervention by the Biden administration. Georgia Governor Brian Kemp pleaded with the administration to overrule the ITC’s initial ruling.

Kemp said the ITC ruling threated 2,600 jobs at the SK plant and would be a major blow to Georgia’s economy, which already reeling from a dispute over new law that places new restrictions on voting by Georgia residents and gives the legislature the right to set aside election results after votes are counted.

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Volts, er, Volkswagen’s April Fool’s Day Prank a Jolt to the System

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

A lesson for wannabe pranksters: if you’re planning an April Fool’s Day joke, stick to April 1st.

That lesson apparently got lost in translation over at Voltswagen, er, Volkswagen headquarters when the company intentionally leaked an “internal document” on March 29 indicating it was planning to change its name as a way to highlight a dramatic, mega-billion-dollar shift to battery-electric vehicles.

Like so many others, automotive PR departments have often found ways to tweak the media on April 1 and the closer a supposed story hews to reality the better the joke — though news veterans have learned to tread cautiously with everything they see that day. VW’s gag, it seems, gained credibility because of the timing, even though it would have generated major skepticism had it come out two days later.

But “There will be no renaming of Volkswagen of America,” the company now says after receiving numerous angry calls from those fooled by the supposed name change — including, we will admit, TheDetroitBureau.com.

Good one, guys … good one

Volkswagen of America chief Scott Keogh, left, and VW AG CEO Herbert Diess share a laugh, knowing what was going to be unleashed on the U.S. media.

As readers will note, we did question whether this was part of a short-term marketing campaign, rather than a real, permanent name change. After all, other companies have taken similar steps. IHOP in 2018 announced it was becoming IHOB, a short-lived switch, it turned out, to promote the fact it offered more than just pancakes for breakfast.

Indeed, the stunt was intended to highlight the launch of the Voltswagen, er, Volkswagen ID.4, the carmaker’s first long-range battery-electric vehicle targeting the U.S. market. It began rolling into American showrooms this month.

“The alleged renaming was designed to be an announcement in the spirit of April Fool’s Day, highlighting the launch of the all-electric ID.4 SUV and signaling our commitment to bringing electric mobility to all,” said a statement from VW released the day after the rouse, 36 hours before April Fool’s Day.

The right amount of credibility for a fake release

The thread of credibility was, in fact, there for at least a short-term use of the name Voltswagen. The German company is going all-in on electrification, committing to spend more than $80 billion to bring at least 50 all-electric models to market by mid-decade. Its high-line Bentley brand will only sell battery-electric vehicles by 2030 and while the flagship VW brand hasn’t committed to going completely BEV, global CEO Herbert Diess has strongly hinted that is in the works.

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

“We have said, from the beginning of our shift to an electric future, that we will build EVs for the millions, not just millionaires. This name change signifies a nod to our past as the peoples’ car and our firm belief that our future is in being the peoples’ electric car,” said the fake VW release, purportedly quoting Scott Keogh, president and CEO of Volkswagen of America.

VW already did adopt a new name for its electric vehicles. They are being grouped together under the ID banner. An all-electric hatchback, the ID.3, went on sale in Europe last year. Other models are coming, including the ID.Buzz, a modern, battery-powered take on the legendary VW Microbus.

Volkswagen isn’t alone, one rival German automaker marketing its BEVs through the new Mercedes-EQ marque, another opting to call its electric models BMW i. And Hyundai just launched a new battery-car sub-brand called Ioniq.

VW’s reaching out to promote its electrification efforts shouldn’t be surprising. The automaker’s global CEO Herbert Diess declared a goal of becoming the world’s leading EV manufacturer, his goal to “overtake” today’s top seller, Tesla.

Whether the Voltswagen stunt will short-circuit the launch of the ID.4 isn’t certain. But wary journalists are likely to be far less willing to get charged up the next time a VW press release arrives.

Japan Joins Growing List of Countries Set to Ban Sales of Gas-Powered Vehicles

Japanese Prime Minister Yoshihide Suga supports the move to ban the sale of non-electric new vehicles staring in 2035.

Despite strong pushback from the country’s largest automaker, Japan has announced plans to halt the sale of vehicles relying solely on internal combustion engines after 2035.

The move means the Asian nation will join a growing list of countries planning to phase out vehicles powered by gas or diesel, including both the United Kingdom and Norway. A number of other countries, including France and Germany, are considering similar bans.

Vehicles with internal combustion engines won’t be banned entirely. Automakers will still be able to market hybrids in Japan, regulators ruled. Even so, the plan released on Christmas Day was a significant victory for Japanese environmentalists considering it was strongly opposed by key industry leaders, including Toyota President Akio Toyoda who warned earlier this month that a broad shift to electric vehicles could cause the auto industry’s traditional business model “to collapse.”

(Toyota boss Akio Toyoda remains EV skeptic.)

Akio Toyoda, Toyota’s top officer, is against the ban.

As the head of Japan’s largest and most powerful company – and in his role as the head of the Japan Automobile Manufacturers Association – Toyoda hoped to convince regulators to back off on the proposed ban. But it had widespread backing from other quarters, including Japan’s new Prime Minister Yoshihide Suga.

In October, shortly after assuming his post, Suga had pledged to cut Japan’s carbon dioxide emissions to net zero by 2050 while indicating he supported a shift to battery-powered vehicles.

Global sales of electrified vehicles remain modest, running in single digits in all but a handful of markets, even when including hybrids, PHEVs and fuel-cell vehicles, as well as pure battery-electric vehicles. But demand is expected to increase sharply as key obstacles, such as range, cost and public charging, are addressed. It also will help that scores of new BEVs are scheduled to go into production in the coming years, proponents say.

While Japanese automakers were pioneers with their early push to bring hybrids to market, “Japan is very far behind” in terms of developing more advanced products relying solely on battery power, Masayoshi Arai, an official with the country’s

Nissan is one of a few Japanese automakers dedicating resources to a move to EVs.

Ministry of Economy, Trade and Industry, said last week.

Toyota only recently introduced a BEV model in Europe, though it has announced plans to add two more – one through the flagship Toyota division, a second under the Lexus badge. It also this month revealed an all-electric microcar targeting the Japanese home market. Only the Nissan and Mitsubishi brands, among Japanese automakers, have committed significant resources to the development of pure battery-electric vehicles and, even then, they have fallen behind key foreign rivals in terms of bringing new products to market.

(Toyota hopes to boost interest in hydrogen tech with second-generation Mirai.)

Toyota officials have, throughout the years, pointed to numerous concerns about BEVs, including their cost, limited range and other obstacles to widespread consumer acceptance. For his part, company chief Toyoda said this month that he feared a switch to all-electric models would seriously disrupt the classic automotive industry business model. He also raised questions about whether Japan’s electric grid could supply the needed energy — and, if it did add the generating capacity, he warned, that could actually increase the country’s reliance on fossil fuels.

With the debut of the 2021 Mirai fuel-cell vehicle, Toyota’s hoping to spur interest in the tech again.

For his part, Japan’s new prime minister is downplaying such concerns and said that efforts to address greenhouse gas production “should be tackled as a strategy for growth, not as a limitation on growth.”

Downplaying the need for new coal or natural gas plants, the plan released by the Japanese government would add up to 45 gigawatts of new offshore wind generating capacity by 2040.

With the Christmas Day announcement, Japan becomes the second member of the Group of Seven, or G7, to lay out specific plans to ban non-electrified vehicles.

The UK originally had planned to do so by 2040 but now has pushed that target date up to 2030. Like Japan, its ban will continue to permit the sale of hybrids – but only through 2035, at which point only pure, zero-emissions vehicles will be able to be sold in Great Britain. That will include both BEVs and hydrogen fuel-cell vehicles.

Despite its reticence about EVs, Toyota rolled out a new battery-electric car Dec. 25: the C⁺pod.

A handful of other countries, including Norway, have also laid out ZEV transition plans. So have some states and regions – including California and the Canadian province of British Columbia. A number of cities, such as London, Paris, Berlin and Mexico City, plan to bar vehicles not running in zero-emissions mode, meanwhile. China, meanwhile, has laid out plans to have “New Energy Vehicles,” plug-based models, reach 20% of the market by 2025. It is considering a total ban at a later date.

(Britain to ban sale of all new gas and diesel cars by 2030.)

With most of the country’s automakers reluctant to bring plug-based models to market, demand has grown far more slowly than in many other major regions. The Ministry of Economy, Industry and Trade noted that consumers purchased only 6,000 PHEVs and BEVs during the third quarter of 2020. By comparison, demand tripled in Europe to 270,000 – all-electric models accounting for roughly three-quarters of Norwegian sales. China, meanwhile, is expected to again top 1 million plug-based models for all of 2020.