Updated Mar 30, 2021 - Economy

VW will not rebrand as Voltswagen

Image of VW ID.4, a new electric SUV from Volkswagen

VW ID.4, an electric SUV from "Voltswagen of America." Photo: VW

German carmaker Volkswagen clarified Tuesday it "will not be changing its name to Voltswagen," saying Monday's announcement of a rebrand was a joke.

Driving the news: The company posted a press release, dated April 29, to its website announcing the change, according to CNBC. The release, which called the change a “public declaration of the company’s future-forward investment in e-mobility,” has since been taken down.

What they're saying now: “Volkswagen of America will not be changing its name to Voltswagen," the company said in a statement on Tuesday. "The 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.”

Why it matters: Legacy automakers have a lot of baggage to overcome in their effort to successfully challenge Tesla, the leader in electric vehicles. VW, for example, pivoted to EVs after its disgrace from a multi-billion dollar diesel emissions cheating scandal.

Flashback: Earlier this year, GM updated its logo to resemble a charging plug as part of a new marketing strategy to promote its own shift to all-electric vehicles.

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