There have been plenty of rumors that VW has been working on a small pickup truck for the U.S. market. However, if VW had to make the decision today, the current value of the dollar and high fuel prices (especially diesel, which costs over $4/gallon in some areas) probably would've scared off the automaker.
Hiding underneath this test mule's well-modified Toyota Hi-Lux exterior shell is reported to be the all-new pickup from VW. For now, markets are expected to include Europe and South America as well as North America, which we expect would receive a small V-6 motor under the hood.
This looks to be a body-on-frame vehicle, likely providing plenty of payload and towing capability, and if VW stuck a diesel or hybrid powertrain under the hood, it could make some real truck folks happy. Audi recently cancelled its plans to put a new hybrid powertrain in its Q7 due to the lagging U.S. exchange rate--the hybrid setup would just be too expensive.
Best case, look for VW's pickup to arrive for the 2010 model year.