Electric cars|Volkswagen plans to meet the challenge of Chinese competitors by developing its own cheap electric car.
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Volkswagen plans to launch an electric car worth around 20,000 euros in 2027.
The low-cost model, called the ID.1, is intended to compete with Chinese electric car companies.
In January, French company Citroën announced a 25,000-euro electric car.
German the car manufacturer Volkswagen said on Tuesday that it plans to introduce an electric car worth about 20,000 euros to the market. The news agencies report on it Reuters and Bloomberg.
According to the car company, the new low-cost model called ID.1 is expected to enter the market in 2027.
The cheap electric car model is meant to compete with the Chinese electric car companies that have rushed into the European market. Chinese companies’ trump card in the European market has typically been a lower price than their Western competitors.
According to news agencies, the German company had considered developing a cheap electric car together with French Renault, but the cooperation plans fell through earlier this month.
“Despite their price, our electric cars will set standards in technology, design, quality and customer experience in the low-price segment”, Volkswagen’s brand manager Thomas Schäfer said according to news agencies.
Volkswagen is not the first European car company to start a price competition. French Citroën told in Januarythat it will start selling a car called ë-C3 for 24,990 euros.
At the time, the company said that only a hundred cars would initially be sold in Finland, which would be delivered to buyers in the summer, according to the information at the time. Citroën says on its website that deliveries of the first batch of cars will begin in 2024.
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