The ID The 2all front-wheel drive model with a range of up to 450 kilometers (280 miles) will cost under 25,000 euros ($26,300) when it hits the European market in 2025, the manufacturer said.
It’s one of 10 new electric models the company plans to launch by 2026 as it gives a strong boost to investments in electrification and digitalization.
Volkswagen said the new models would offer it “the widest range of electric vehicles compared to its competitors,” aiming to “achieve one electric car share of 80 percent in Europe”.
“We are implementing the transformation at speed in order to spread electromobility,” said the VW passenger car boss Thomas Schaefer said in a statement.
Thomas smalla VW board member, said the company is confident it can maintain the low price point through “economies of scale” that come with high sales volume.
Volkswagen announced on Tuesday that it would invest 122 billion euros in the transition to electric vehicles in the coming years.
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“By 2025, every fifth vehicle sold worldwide should be one with a purely electric drive,” says the group.
VW said “a key reason” for the increase in spending is the push to build a series of battery factories, as well as the costs associated with securing raw materials for batteries.
It plans to focus its spending efforts in the coming years on “expanding its presence in the North America region.”
The company also wants to increase its competitiveness in the key market of China, where it has fallen behind US rivals Tesla and local electric car makers.
In 2022, battery-powered cars accounted for a record seven percent of VW Group deliveries, equivalent to just over 572,000 units worldwide.
VW expects EVs to account for around 10 percent of its car sales in 2023.
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