Volkswagen on Wednesday disclosed the details of a planned all-electric car that is expected to cost less than EUR 25,000.
The vehicle, which will be launched in Europe by 2025, will be the first one on Volkswagen’s modular electric platform to feature a front-wheel drive, the company said.
The vehicle has a 450 km range and its battery will charge from 10% to 80% in about 20 minutes, the German auto maker said.
The car will be able to achieve a top speed of 160 km per hour.
“We are implementing the transformation at pace to bring electric mobility to the masses,” VW brand chief Thomas Schaefer was quoted as saying by Reuters.
Volkswagen said it was also working on another electric vehicle that would be available at a cost of less than EUR 20,000.
The shares of Volkswagen AG (VOWG) were last edging down 0.14% (EUR 0.22) on Thursday to trade at EUR 161.78 on Xetra, while extending losses from the previous eight sessions.
The auto maker’s total market cap now stands at EUR 73.206 billion.
The shares of Volkswagen AG went down 42.86% in 2022, compared with an 8.79% loss for the DAX Automobile (CXPAX) Index.
The shares have risen 9.57% so far this year.