The Securities and Exchange Commission (SEC) has launched an investigation over Volkswagen North America’s April Fool’s Day prank of changing its name to ‘Voltswagen.’
A report from German publication Der Spiegel claims that the SEC is investigating the car manufacturer to determine if the Voltswagen “joke” influenced the brand’s stock price. Whatever the outcome, it’s not good news for a company that has endured its fair share of controversy in the U.S. over the last six years.
The whole Voltswagen hoax started on March 29 when VW published an intentionally unfinished press release dated April 29 on its press website announcing the name change. Links to this press release were also emailed to various high-profile journalists throughout the industry. Given the timing of the press release, it appeared possible it was an April Fool’s joke but executives from the brand, including company spokesman Mark Gillies, assured multiple media publications that the name change was for real.
Volkswagen later published a completed version of the press release that quoted VW Group of American chief executive Scott Keogh who celebrated the name change. Soon after, the plot unraveled and it was revealed that the stunt was indeed an April Fool’s joke that had gone too far. It was soon reported that the ruse was developed by VW’s lead marketing agency Johannes Leonardo.
The automaker said that “the idea came from a very Volkswagen place: Let’s have some fun. Let’s have a gag. Let’s show the world how crazy we are about EVs. Full stop.” VW might not be laughing anymore following the launch of the SEC’s investigation.
