Volkswagen US name change to ‘Voltswagen’ was April Fool’s stunt gone awry
WASHINGTON (BLOOMBERG, REUTERS) - Volkswagen of America's purported name change to "Voltswagen" was an elaborate April Fool's marketing stunt that may have misfired. On Monday, the German automaker briefly posted, then removed, a draft press release on its website related to branding, sparking media speculation that company was changing its name to promote electric vehicles. VW published the announcement in full on Tuesday, pledging to rebrand as "Voltswagen" in the US, "a public declaration of the company's future-forward investment in e-mobility." At least one analyst wrote a research note praising the name change. VW's preferred shares closed 4.7 per cent higher. Ordinary shares closed up 10.3 per cent. Later Tuesday, the company fessed up. "The renaming was designed to be an announcement in the spirit of April Fool's Day," VW said in a statement after removing the release from its US media site. "We will provide additional updates on this matter soon." Earlier, a VW spokesperson at the German manufacturer's headquarters in Wolfsburg called it "an interesting idea" from the marketing department. VW came under criticism on social media for its misleading news release, some commen...
