Okay, it was technically put on hold. Hopefully forever.
The Volkswagen Phaeton has had a tumultuous history. It was supposed to give the automaker a fighting chance against Germany's biggest and best luxury sedans but people never really got past the fact that it was a VW. Despite being a pretty awesome car it was a sales dud, yet for some reason the Phaeton kept being sold, at least outside the US. Hell, it was even slated to help VW's comeback from Dieselgate. But now all 10 people dreaming of an electric Phaeton will need to put their dreams on hold.
According to a New York Times article the German auto giant is making cuts to its research and development budget, with nonessential projects being put in stasis. That means the electric Phaeton, which was supposed to help Volkswagen show off improved EV tech, won't see the light of day anytime soon, if ever. If VW is serious about saving cash it should just kill off its ultra-luxury barge entirely. It was a great effort but no one wants a Phaeton and now that VW needs cash the car is the definition of expendable.