Volkswagen has consistently dismissed rumors the new Scirocco would be sold in North America and now the carmaker’s sales and marketing chief has confirmed the bad news. Despite the high level of interest in the car, VW has decided against selling the Scirocco in the world’s biggest car market because of the weak U.S. dollar against the strong euro.

"The exchange rate is the only reason for not selling it in the U.S.,'' VW sales and marketing chief Detlef Wittig told Bloomberg reporters. "This car would fit the U.S. market but at the current exchange rate we wouldn't make any money.'' The Scirocco is manufactured in Palmela, Portugal, alongside the Eos convertible on which it’s based.

The dollar has fallen to an all-time low against the euro and with no sign of improving anytime soon VW, along with a number of other carmakers, is planning to open new manufacturing plants in North America. However, VW’s new U.S. plant will only be set up to build versions of the Jetta and a new compact sedan.