TooFab Staff, 02 April 2021
Volkswagen said the name change was a joke — but not everybody is laughing.
Volkswagen broke a few April Fools rules with its name change prank this week; namely it not even being April Fools Day, and continuously insisting it wasn’t a prank when called out.
But it may have broken even more serious rules after the stunt caused share prices to soar… leading some business experts to predict an investigation into possible stock market manipulation.
The controversy began on Monday (note: that’s March 29, a good deal short of April 1) when the company “accidentally” leaked an incomplete press release, revealing its intention to change its name to Voltswagen to mark its move towards electric vehicles.
After being queried by major news outlets, the company insisted the information was accurate.
“We might be changing out our K for a T, but what we aren’t changing is this brand’s commitment to making best-in-class vehicles for drivers and people everywhere,” Scott Keogh, president and CEO of Volkswagen of America, said in a subsequent release.
“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.”
As the news spread, shares in the company jumped 10 percent.