Volkswagen announced on Tuesday its plans to create affordable electric vehicles to enhance its competitiveness against strong Chinese competitors. The collaboration with Renault for this project fell through earlier this month.
Volkswagen affordable EV target year
The goal is to manufacture electric cars for the European market with a price tag of approximately 20,000 euros ($21,746). Company stated that a global debut is scheduled for 2027.
Company has announced its intention to heavily localize its operations in Europe for the project. It aims to minimize transportation distances for components and subsequently decrease emissions.
In order to address the competitive threat, company has urged the European industry to prepare within a timeframe of two to three years, emphasizing that the sector’s survival is in jeopardy otherwise. As a part of its overall strategy, Volkswagen is currently in the process of implementing cost-cutting measures and savings amounting to 10 billion euros at its namesake brand by 2026.
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