Volkswagen Speculated To Release A Small EV For As Less As $24,000

Volkswagen Speculated To Release A Small EV For As Less As $24,000

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In the coming days, Volkswagen may have quite an affordable electric vehicle offering in its lineup. According to Reuters, the auto manufacturer is occupied on a thorough electric car around the size of a Polo under a project that the company terms as “Small BEV (Battery Electric Vehicle).” The report says Volkswagen is making the vehicle for the mass market anticipating tougher climate regulations and the car will be priced approximately between 20,000 and 25,000 Euros (US$24,000 to $30,000).

That point of the cost would make it more inexpensive than the ID.3 and the forthcoming ID.4 and would make it a direct contender to one of Tesla’s future models. During the occasion of its Battery Day event in September, Tesla claimed to make modifications that would halve the costs of building battery cells for its vehicles. That would enable it to push forward with its scheme to create a $25,000 EV within the next three years. As Reuters only witnessed Volkswagen’s BEV plans, and the company is yet to confirm it, we’d likely have to wait for patiently to find out when it’ll become available.

During mid—November, Volkswagen declared that it’s putting aside a greater fraction of its overall investment budget for digital and electric vehicle technologies. It initially planned to invest only 60 billion Euros (US$72 billion) into electric and self-driving vehicle development over the next five years but increased that figure to 73 billion Euros (US$86 billion). Both the bigger investment and the development of an affordable electric vehicle may aid the organization to deliver around 300 EV models by 2030 as it aims to do so. Both could facilitate it to reach the point wherein 60 per cent of the vehicles it sells in Europe features hybrids and EVs. That’s something the organization needs to attain by 2030 to be able to meet the European Union’s stricter emissions targets.

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