(MENAFN- The Peninsula) AFP
Hamburg: German auto giant Volkswagen on Wednesday unveiled a new budget electric vehicle, as the competition in the EV sector revs up.
The ID. 2all model, with front-wheel drive and a range of up to 450 kilometres (280 miles), will be priced under 25,000 euros ($26,300) when it hits the European market in 2025, the manufacturer said.
It is one of 10 new electric models the company plans to roll out by 2026 as it sharply boosts investment in electrification and digitisation.
Volkswagen said the new models would give it 'the widest range of electric vehicles compared with its competitors' with the aim 'to achieve an electric car share of 80 percent in Europe'.
'We are implementing the transformation at pace to bring electric mobility to the masses,' VW Passenger Cars CEO Thomas Schaefer said in a statement.
Read Also volkswagen to build electric vehicle battery plant in canada german court rejects farmer's climate suit vs volkswagen former volkswagen boss carl hahn dies aged 96 new volkswagen boss eyes tapping the brakes on software drive
Thomas Schmall, a member of VW's board of directors, said the company was confident it could maintain the low price point through 'economies of scale' achieved with high sales volume.
Volkswagen had said on Tuesday it would invest 122 billion euros in the shift towards electric vehicles over the coming years.
'As early as 2025, every fifth vehicle sold worldwide is expected be one with an all-electric drive,' the group said.
VW said 'a major reason' for the spending increase was its push to build a series of battery factories, as well as expenses linked to securing raw materials for batteries.
It plans to focus its spending efforts over the coming years on 'growing its presence in the North America region'.
The company also wants to increase its competitiveness in key market China, where it has fallen behind US rival Tesla and local manufacturers of electric cars.
In 2022, battery-powered cars accounted for a record seven percent of the VW group's deliveries, amounting to just over 572,000 units globally.
VW expects EVs to make up around 10 percent of its car sales in 2023.
MENAFN15032023000063011010ID1105787947
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.