Volkswagen Abandons Motorsports; Unit to Concentrate on EVs Instead

Volkswagen's (OTC: VWAGY) famous brand name will not adorn any racing cars in the future. The global carmaker announced Tuesday that it is ending its motorsports activities, with the Volkswagen Motorsport subsidiary being folded directly into the company. In their new positions, ex-Motorsport employees will work on Volkswagen electric vehicles (EVs).

The company did not provide a timeline for this change. It did say that all 169 Motorsport employees are being offered transfer contracts for their new positions.

The Volkswagen ID.R electric race car. Image source: Volkswagen.

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Source Fool.com