This picture, from 2019, is of a reformed scout. The brand was originally built by an international harvester between 1961 and 1980.
Future Publications | Future Publications | Getty Images
Volkswagen plans to revive the iconic “Scout” brand as an electric vehicle in the United States.
In a report late Tuesday, the Wall Street Journal said the German automotive giant aimed to launch a “new scout-branded electric sport-utility vehicle” as well as an electric pickup truck, called the Scout.
Volkswagen has confirmed to CNBC that its supervisory board will vote on the proposals on Wednesday.
The history of scouts dates back to the 1960s, when international harvesters – now known as the Navister International Corporation – began to develop.
According to Navistar, the Scout was “marketed as an all-terrain family recreational vehicle” before evolving into a “true SUV”. Scout production ceased in 1980. Today, Navistar is part of the Traton Group, which is itself a subsidiary of the Volkswagen Group.
Reuters quoted two people familiar with the matter as saying on Wednesday that VW would invest around 100 million euros ($ 105.49 million) in the new brand, adding that it would potentially “seek through investors to expand the productivity of external funds or IPOs”.
In July 2021, the Volkswagen Group said that by 2030, half of its sales would be battery-electric vehicles. By 2040, the company said its new car should have almost 100% zero-emissions in major markets.
VW’s electrification plan puts it in direct competition with long-established automakers like GM and Ford, as well as relative newcomers like Tesla.
Recently, Ford CEO Jim Farley said his business “plans to challenge Tesla and all newcomers to become the world’s top EV maker.”
In March 2021, Volkswagen CEO Herbert Dice dismissed the notion that his firm could join forces with Tesla, telling CNBC that the company wanted to go its own way.
Speaking to Squawk Box Europe, Dice was asked if he would cancel any future contracts with Elon Musk’s electric car maker, where VW could build its cars, or whether the Tesla and VW brands would ever merge.
“No, we did not consider [that]We’re going our own way, “he replied.” We want to get closer and then overtake. ”
Chloe Taylor contributed to this article.