logo
Plus   Neg
Share
Email

Volkswagen Plans $21,000 Subcompact E-Car To Challenge Tesla

Volkswagen AG (VKW.L,VLKAF.PK,VOW.BE) plans to add a subcompact crossover costing about 18,000 euros or $21,000 to its all-electric I.D. range, expanding its lineup of zero-emissions vehicles that are more affordable than those of Tesla Inc., Bloomberg reported citing people familiar with the matter.

The entry level vehicle may be built at VW's factory in Emden, Germany. Sales could start sometime after 2020, and the company expects to sell about 200,000 per year, the report said.

The I.D. range is at the heart of one of the auto industry's most aggressive electric-car initiatives -- a plan to put 50 models on the road across the group, including volume brands such as VW, Seat and Skoda.

The first in the lineup is the I.D. Neo, which will be made at Zwickau, Germany, and begin sales in 2020. With less complexity and fewer model variants, VW may be able to produce the car in roughly half the time needed to assemble a Golf hatchback, according to the people. Volkswagen reportedly said it will be sold for a price of a comparable diesel car, suggesting a price tag of roughly 23,000 euros.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Ford Motor Co. plans to launch an all-electric plugin version of its popular F-150 pickup truck. The announcement was made by Jim Farley, Ford's president of Global Markets, during a presentation at the Deutsche Bank Global Automotive Conference in Detroit. Ford's announcement comes as the auto industry transitions away from fossil fuel-powered transportation to electric vehicles. Logistics giant UPS' investment arm Strategic Enterprise fund made an equity investment in blockchain-for-business company Inxeption Corp. In a statement, Inxeption, an industrial-strength eCommerce platform built on Blockchain, said the investment will be used to create innovative new e-commerce solutions for B2B sellers and buyers. Children's clothing retailer Gymboree Group, Inc. has again filed for Chapter 11 bankruptcy protection, the second time in nearly two years. The company will close more than 800 Gymboree and Crazy 8 stores in the U.S. and Canada. The San Francisco-based retailer said that along with its U.S. subsidiaries, it has filed a petition in the U.S. Bankruptcy Court for the Eastern District of Virginia.
Follow RTT