Our pick of the best foreign investment stories on March 6
Top story: Volkswagen-backed electric brand Scout Motors will invest $2bn to open a plant in South Carolina. Image via Scout Motors
The Volkswagen Group will invest $2bn to establish the first manufacturing plant for its revived Scout brand of electric cars in the US state of South Carolina. Announcing its plans on March 3, Scout Motors said it will create at least 4000 jobs at its plant near the city of Columbia, which will aim to produce electric SUVs and trucks by the end of 2026.
US-based Scout Motors, which operates independently from its German parent company, cited South Carolina’s advantages as its strong automotive industry and commitment to becoming an epicentre of electric vehicle innovation.
Scott Keogh, the president and CEO of Scout Motors, said in the statement that the US automaker’s partnership with South Carolina will “usher in a new era for Scout” as the reimagined SUV and truck brand “electrifies its future”. The announcement follows VW relaunching the off-road car brand in May 2022. It was originally produced by US manufacturer International Harvester Company from 1960 to 1980.
WANdisco joins UK tech groups listing in the US
London-listed big-data company WANdisco is planning to list its shares in the US, joining the growing number of British technology companies seeking higher valuations abroad.
The software group, which has headquarters in both the UK and US, said on March 6 that it was “in the early stage of proactively exploring” an additional listing of its shares in New York. The move, which will add to its existing listing on the London Stock Exchange’s Alternative Investment Market (AIM), has added to growing fears about the dwindling attractiveness of the UK for public companies.
Arm Holdings, the chip design firm headquartered in Cambridge, England, announced on March 2 that it would only list its shares in New York, bringing an end to months-long efforts by British politicians to convince it to stay in the UK.