Today's Edition
Düsseldorf, Germany (AFP)
Volkswagen unveiled Wednesday a small electric car that will cost around 20,000 euros ($21,500) -- a more affordable price-point than its current EV range -- as the German auto titan seeks to turn around its fortunes.
The VW ID. EVERY1, which is set to go on sale from 2027, will have a range of 250 kilometres and a top speed of 130 kilometres per hour, the manufacturer said as the vehicle was presented in Duesseldorf.
Europe's biggest carmaker has poured huge sums into the shift to electric vehicles in recent years but has struggled amid weakening demand in Europe and fierce competition from local rivals in key market China.
Its planned new model is more affordable than its previous electric cars, which started at around 35,000 euros, and is aimed at helping it gain ground in the mass-market EV segment.
Other automakers, including Stellantis, Renault, and Citroen, are all planning electric cars for around the same price shortly.
VW's latest offering is aimed at the European market, and will be produced in Europe, the manufacturer said -- after causing controversy last year when it announced plans to relocate production of its iconic Golf to Mexico to cut costs.
Like other European carmakers, Volkswagen is battling a severe crisis that has hammered its profits, and announced in December it would cut about 35,000 jobs in Germany by 2030.
Manufacturers have been under pressure to offer cheaper electric models to boost sales due to a looming tightening of EU emissions reduction targets.
However on Monday the bloc yielded to pressure from the industry, announcing European carmakers would have more time to meet the 2025 goals.
