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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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Automakers Suspend Operations, Change Equipment Due to Chip Shortage

Ford is temporarily suspending production at its Kansas City assembly plant to deal with the shortage.

Automakers continue to search for ways to deal with the semiconductor chip shortage impacting the industry on a global scale.

Most companies cut back production and shift available chip inventory to high-profit vehicles like pickup trucks. Seemingly no automaker is immune to the problem, including pricey luxury and sports car makers. Mercedes-Benz, Porsche and others all recently announced moves to deal with the shortage.

This week is not different with Daimler, Stellantis and Subaru reporting today they are taking new measures to account for current run of chip shortages, both in the U.S. and in other facilities around the world.

New announcements

Ford plans to extend the shutdowns at plants that build its F-150, Ford Transit, Ford Explorer and Lincoln Aviator, Ford Edge/Lincoln Nautilus and Ford Mustang. The Kansas City Assembly Plant that builds its top-selling F-150 and Transit commercial van suspend operations for the weeks of May 3 and 10. It’s currently closed down.

GM is slowing production of its van at its Wentzville plant to deal with the chip shortage.

The Flat Rock, Michigan plant, which builds the Mustang, and Chicago plant that builds the Explorer and Aviator will also be down the first two weeks of next month. They’ve been down since the week of April 12, according to Automotive News.

The company plans to continue the reduced production of its Super Duty and medium-duty trucks at the Ohio Assembly Plant near Cleveland.

General Motors plans to move its Wentzville (Missouri) Assembly plant from three shifts to just two on a temporary basis starting the week of April 26. It’s cutting van production at the site. Production of its midsize pickups, the Chevy Colorado and GMC Canyon, are unaffected. The company just restarted operations at the facility last week after a two-week shutdown.

Other moves

In what may be the most novel approach to dealing with the issue thus far, Stellantis is using analog speedometers in some its Peugeot models instead of the digital ones they would normally come equipped with.

Daimler is cutting hours for 18,500 workers at two plants in Germany as it waits for more chips.

The move affects only the Peugeot 308, Reuters reported, which are built in France. The brand sold about 98,000 of the 308 model last year. The 308 is being phased out this fall in favor of a new vehicle. The company may reduce the price as a result of the less advanced speedo.

Daimler plans to reduce hours for 18,500 employees and idle production at its Bremen and Rastatt plants in Germany. Bremen builds the C-Class as well as the GLC, GLC Coupe and the all-electric EQC. The Rastatt plant produces the A-Class hybrid as well as the A-Class sedan, B-Class and GLA compact SUV.

Japanese automaker Subaru Corp. revealed plans to temporarily suspend production at its plant in Lafayette, Indiana. The closure will be in place until the end of April, according to officials. It will affect about 15,000 vehicles for North America, officials noted. The company builds the Ascent, Outback, Legacy and Impreza at the site.

Buy/Drive/Burn: The Cheapest Full-size, Truck-based SUVs in America for 2021

We continue the Cheapest Of series today on Buy/Drive/Burn, and check out the least expensive full-size truck-based SUVs on sale in America in 2021. And we’ve been generous today and equipped each of them with four-wheel drive to avoid any usability concerns. Today’s trio is very close in price but diverges elsewhere. Let’s go.

Chevrolet Tahoe

The Tahoe is new for 2021, is the cheapest vehicle here. This year it gains a host of updates including an independent rear suspension and some very in-your-face-styling. General Motors believes more trims are better, and offers Tahoe in LS, LT, RST, Z71, Premier, and High Country variations. At the lower end, an LS starts at $49,600, and a High Country is $68,200 before options. Unlike the others here, the power plant depends on trim and is provided via the stalwart 5.3-liter V8, a 6.2-liter V8 (High Country only), or a 3.0-liter inline-six turbodiesel. The 5.3 and diesel are both available at the LS level, and the V8 is slightly cheaper. A 4×4 LS is available in eight different free colors, most of which are grey-ish. Seats are covered in cloth here, but buyers can choose between Jet Black and “Very Dark Atmosphere,” or as you’d call it light gray. A bench seat can replace the front console, but that’ll cost you $250. With no options selected and after the freight charge of $1,695, the Tahoe asks $54,295.

Ford Expedition

Ford’s Expedition is F-150 based as you’d expect and has been on sale in its current guise since the 2018 model year. It’s available in five different trims presently: XL STX, XLT, Limited, King Ranch, and Platinum. Prices range from a base of $49,025 to nearly $74,000 for the Platinum. All trims feature the same 3.5-liter turbocharged EcoBoost V6, which produces 375 horsepower. In XL STX trim, all six available paint colors are free of charge, and one of them is brown. All seats are covered in cloth at this level, and the only color on offer is Ebony. The 4×4 upcharge is added to the acquisition fee of $656 and the destination charge of $1,695 for a grand total of $55,385.

Nissan Armada

The most expensive entry of today’s trio is also the only one from Japan. The Nissan Armada in its current guise is sold as the Patrol elsewhere in the world and shares a body with the more expensive QX80 and a platform with the Nissan Titan. Available in four trims, S, SV, SL, and Platinum, the Armada ranges from $48,600 to over $65,000 before options. All trims share the same naturally aspirated 5.6-liter V8 used across Nissan’s truck line that’s good for 400 horsepower. Colors available for free on the SV 4WD trim include black and silver. Interiors are dark gray or tan, and the leather has an -ette at the end of it. The four-wheel drive and shipping fee add up for a base price on the Armada of $57,095.

Three big SUVs, all of them ask for around $55,000 of your dollars. Which one goes home with you?

[Images: GM, Ford, Nissan]

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GM Launches New In-Car Navigation Technology Maps+

General Motors announced the launch of Maps+, an in-vehicle, app-based navigation solution.

General Motors is taking another run at selling consumers on in-vehicle navigation with Maps+, an app-based system that will be available by the end of the month.

The new technology is available to owners of roughly 900,000 model year 2018 GM vehicles and newer as part of the company’s connected services plans.

“We know customers want an easy and convenient in-vehicle experience that improves over time,” said Santiago Chamorro, GM vice president of Global Connected Services.

“We listened to customer feedback and developed a product that works seamlessly with our current infotainment systems and provides a highly personalized experience that will iterate throughout the lifetime of the vehicle,” Chamorro added.

That personalization allows for favorite locations or points of interest, a choice of day or night mode for the map and shortcuts when searching various categories, such as coffee, food, fuel and recent spots or favorites.

New system easily integrated

GM’s tried in the past to implement a viable in-car navigation system, like Chevrolet’s GogoLink. It was a new smartphone app-based nav system.

Automakers have been trying to cash in on navigation devices for more than two decades with only limited success. In-car systems started out as luxury options with hefty price tags.

The systems also required pricey updates. Those checks became tougher for owners to write as new technology came on the market, including the new ubiquitous smart phone, thus in-car navigation lost its edge.

Chamrro, however, noted GM has been offering connected vehicles for more than 25 years. The new digital solutions in the GM system safely and seamlessly integrate into the busy lives of vehicle owners, he said.

The Maps+ rollout leverages the over-the-air update capabilities of GM’s growing fleet of connected vehicles and underscores the company’s commitment to deliver best-in-class customer experiences throughout a vehicle’s lifetime while enabling a safer drive, he said.

Meanwhile, GM and Mapbox will continue to enhance the system by developing new features and improvements based on feedback and metrics. Maps+ was developed to meet driver needs and preferences while keeping hardware capabilities of different vehicles in mind, they said.

GM planned to use smartphone-like over-the-air updates to add its GM Marketplace to many 2017 models.

New system uses voice commands

Owners of GM vehicles can start Maps+ navigation with Alexa Built-In voice control and listen to music or podcasts using the system’s integrated audio apps. The system brings up points of interest, shops, restaurants, parking and more. With features including embedded speed limit alerts and low fuel recognition to route drivers to a nearby station.

“The map is the canvas for providing the driver with a delightful, easy-to-use experience,” said Peter Sirota, Mapbox CEO.

“From discovering new places to avoiding traffic on your commute to paying at the pump or the plug, Maps+ lays the foundation for an excellent navigation experience. We are excited to build upon this with GM to continue to drive adoption.”

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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Honda Looking to Get a Little More Rugged with Trailsport Moniker?

The new Honda Ridgeline gets a more rugged exterior update for the 2021 model year. Could a Trailsport edition be coming soon?

Is Honda trying to make its trucks and SUVs appear to be tougher? Maybe.

The Japanese automaker’s secured a new name: Trailsport. When compared to RAV4, Passport and Pilot, Trailsport seems almost vicious by comparison. The automaker registered the name with the U.S. Patent and Trademark Office, and website Carbuzz tracked it down.

The application reads as follows: “The mark consists of a miscellaneous design set above the term TRAILSPORT with the letters ‘R’ and ‘S’ connected together all in a stylized font. This trademark registration is intended to cover the categories of land vehicles, namely, sport utility vehicles, automobiles, trucks, and structural parts for the foregoing.”

Getting a little tougher

There’s no clear indication if Honda intends to use it for new vehicle or, more likely, a special edition or trim package, such as the Honda Ridgeline Trailsport.

Subaru is offering up a beefed up version of the Outback called the Wilderness edition.

Regardless, the company’s been looking to add more capability to its trucks and utes, toughening up the look of aforementioned Ridgeline for the 2021 model year after the previous iteration was roundly criticized for its “soft” or non-traditional appearance.

In addition to the new look, it also got additional tweaks to keep the functionality the Ridgeline has touted both in terms of utility and performance, including the top standard payload capacity for a V6 all-wheel-drive truck.

The biggest change for 2021 is the truck’s overall exterior shape, which is altered by getting an entirely new front-end design. The new look is a bit more aggressive with a “power bulge” on the hood accented with a more squared-off front end and bigger, more upright grille. Most of its competitors have been upsizing the grilles on their trucks and looking for “tougher” monikers for their vehicles too.

Following a trend

Subaru just launched a new family of more rugged off-roaders with its new Wilderness edition offerings, starting

The new Pathfinder’s sporting a more rugged look for the 2022 model year.

with the new 2022 Outback Wilderness. The automaker described the ’22 Subaru Outback Wilderness as “the most rugged and capable” version of the crossover in its history.

Once little more than a gussied-up station wagon, the new Wilderness model adds features designed to give it serious off-road credibility, starting with an increase in its ride height, upgrades to the suspension, revisions to its all-wheel-drive system and a standard front skid plate. The automaker will expand the line-up to include Forester and Crosstrek in the near future.

With competition like the Jeep Wrangler Rubicon and Gladiator Mojave and the Ford Bronco harkening back to a rougher, tougher time and the increasing desire of owners to take these vehicles that look like SUVs out to do SUV-like things, it’s no surprise that other automakers are hustling to bolster their crossovers and urban-friendly utes.

Don’t forget Nissan

For the 2022 model year, Nissan’s finally given the Frontier midsize pickup a major makeover.

Nissan did the same with its 2022 Pathfinder and Frontier entries with one executive proclaiming the Pathfinder has “returned to its rugged roots,” for the new model year. While the Pathfinder got a more muscular look and a few small upgrades to improve its off-cement capability, it was the Frontier that got a big boost.

The new Frontier adopts a more solid and upright appearance with a bolder, less derivative front end. All versions of the truck get enhanced ground clearance and enhanced approach and departure angles, with a prominent front skid plate.

For those who are serious about off-roading, there’s a new Pro-4X version featuring an electronic locking differential, Bilstein off-road shock absorbers and underbody skid plates. That could enhance Frontier’s appeal to those who might otherwise consider the Toyota Tacoma, for many the off-road benchmark of the segment. The Pro-4X is all-wheel drive but for those who want a 2WD model, the new Pro-X adds LED head, DRL and fog lights for a more rugged appearance.

Plant Shutdowns Extend into April for Detroit Automakers

Ford canceled overtime shifts at its Kansas City Assembly plant’s truck line for April, May and part of June.

The shortage of semiconductors is forcing Detroit’s automakers to trim production, including production of pickup trucks that are increasingly short supply, in the mid-April.

Ford Motor Co. has already gone through a series of forced shutdowns due to the ongoing shortage. The company said this week it is closing the Dearborn Truck Plant, one of the company’s flagship facilities. It will be down the weeks of April 5 and April 12. In addition, the company cancelled super shifts — the company’s term for overtime shifts — the weeks of April 26, May 10, May 31 and June 21.

At the Kansas City Assembly Plant, the company is shutting down the truck side only the week of April 5. It cancelled super shifts at KCAP Truck side the weeks of April 12, April 19, April 26, May 3, May 10, May 17, June 7 and June 14. The Transit side is canceling super shifts for the weeks of April 5, April 12 and April 19.

Ford hit hard by shortage

The Louisville Assembly Plant, which builds utility vehicles, will be down the weeks of April 12 and 19.

Stellantis is temporarily shutting down its Windsor plant due to the semiconductor shortage.

Ford also said two other plants, Chicago Assembly, where the company builds the Ford Explorer, is canceling a super shift for the week of April 5, while the Ohio Assembly Plant, near Cleveland, where the company builds heavy-duty pickup truck is canceling super shifts for the weeks of April 12 and April 26.

In Canada, Ford’s Oakville Assembly Complex in Oakville, Ontario, where the Ford Edge is built, will be down the weeks of April 12, April 19 and April 26 due to the shortage of semiconductors.

Stellantis forced to shutdown

Stellantis said its North American operations continue to work closely with its suppliers to mitigate the manufacturing impacts caused by the various supply chain issues facing our industry as It announced another round of temporary plant.

The Belvidere Assembly Plant in Illinois, the Warren Truck plant in suburban Detroit, Toluca Assembly Plant in Mexico, and Canadian plants in Brampton and Windsor, Ontario, will be shut through the middle of middle of April, Stellantis said in a statement.

General Motors truck plants carry on

The company says it’s doing all it can to continue building full-size pickup trucks. However, the GM said the Fairfax Assembly plant in Kansas City, Kansas, where the Chevrolet Malibu and Cadillac XT4 and the CAMI assembly plant in Ingersoll, Ontario, where GM Builds the Chevrolet Equinox will be shut through mid-April.

GM’s CAMI plant in Ingersoll, Ontario, builds the Chevy Equinox and will be shutdown through mid-April.

“We continue to work closely with our supply base to find solutions for our suppliers’ semiconductor requirements and to mitigate impact on GM,” the company said in a statement e-mailed to TheDetroitBureau.com. “Our intent is to make up as much production lost at these plants as possible.”

Automakers are either facing or about to face some tough times when it comes to sales, which were very strong in March, according to at least one analyst.

“On a SAAR level, March auto sales are shaping up to meet or exceed Pre-Covid levels. The big rebound from the prior month was assisted by stimulus and pent-up demand from weather impacts in February. However, the stronger sales results are bumping against ongoing production issues, creating what could be a volatile demand environment over the next few months,” Chris Hopson, manager, North American light vehicle forecast, IHS Markit.

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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.

Weather, Increased Demand Drive Gas Prices Higher

American motorists are paying more at the pump these days as demand rises and supply drops.

When it comes to gas prices at the pump, what goes down will eventually come up.

Motorists are paying some of the highest gas prices seen in over a year, according to AAA and GasBuddy.com. With the forced shutdown of Gulf Coast and some Midwest refineries due to recent winter weather, gasoline stocks have tightened and gas prices have skyrocketed.

On the week, 66% of state averages spiked by double digits (10-22 cents), driving the national average up by 13 cents to $2.63. That is the most expensive national average since October 2019.

Prices are jumping by double-digit amounts

Gasbuddy.com reported the national average price rose for the seventh consecutive week and at its fastest pace since Hurricane Harvey, rising 10.4 cents per gallon compared with the previous week to $2.63 as of Feb. 22.

Gas was priced the highest in California, Hawaii and Washington with the price as high as $3.54 a gallon.

The website compiled the data from more than 11 million individual price reports covering more than 150,000 gas stations across the country. Additionally, GasBuddy determined that the national average price of diesel jumped 8.7 cents in the week prior to Feb. 22 and stood at $2.84 per gallon.

Federal statistics released on Feb. 22 show how gas prices stood around the country. The average price per gallon (ppg) in the U.S. as of Feb. 22 was $2.63, a 13-cent ppg increase from the previous week. Gas in the East Coast region was $2.60 a gallon, up from the prior week price of $2.47.

In New England, gas prices reached a ppg of $2.56, up from $2.47 in just a week, while West Coast ppg hit $3.15, up from $3.04. Rocky Mountain ppg jumped to $2.43, from $2.39. Gulf Coast prices were the lowest as of Feb. 22, with ppg of $2.34, up from $2.21 the week before.

Cold Hits Production Hard

“With last week’s (Feb. 15 – 21) extreme cold shutting down millions of barrels per day in refinery capacity, gas prices have seen their largest weekly climb in quite some time,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

Gas prices are expected to drop in the next week or so, according to GasBuddy.com.

“The jump in price was the result of a dozen or so refineries, primarily in Texas, that were forced to shut down as the frigid temperatures threatened to wreak havoc on their exposed equipment. With the cold weather behind us, price increases should begin to slow later this week or next week, and so long as these refineries get back online in short order, we may see gas prices start to move back down in the next couple of weeks.

De Haan quickly tempered any joy about drop reminding that spring is coming, which means prices will rise again as “refineries start to transition to summer gasoline, so motorists shouldn’t jump for joy just yet.”

Weather playing a role

“When close to 40% of U.S. crude production is offline because refineries are closed, there is going to be pain at the pump until operations resume,” said Jeanette Casselano McGee, AAA spokesperson.

“The good news is the nearly two dozen impacted refiners are expected to restart operations this week, if they haven’t already. That means regular gasoline deliveries will resume and impacted stations will be re-fueled.”

In the week prior Feb. 22 there were reported refinery outages in Texas, Louisiana, Oklahoma, Arkansas, Tennessee and Kansas. AAA reported that gas prices are likely to be volatile until crude production is back to normal levels. Motorists can expect these more expensive prices to stick around, but large spikes are likely to subside.

Midwest sees big increases

According to AAA, the nation’s top 10 largest weekly increases were as follow: Ohio, up 22 cents; Arizona, up 21 cents; Iowa, up 19 cents; Minnesota, up 18 cents; Georgia, up 18 cents; Michigan, up 17 cents; Wisconsin, up 16 cents; Nebraska, up 16 cents; Indiana, up 16 cents; and Maryland, up 15 cents.

The nation’s top 10 least expensive markets as of Feb. 22 were: Mississippi, $2.27; Louisiana, $2.31; Texas, $2.32; Arkansas, $2.35; Alabama, $2.35; Oklahoma, $2.36; Utah, $2.38; Missouri, $2.38 ppg; Tennessee, $2.40; and South Carolina, $2.42.

The most expensive were California at $3.54 a gallon followed by Hawaii ($3.35) and Washington ($2.98).

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Tag: SUVs