Volkswagen is working on an entry-level electric vehicle that will sell for a base price of €20,000 ($21,000). The company has already given its own employees a look at its initial design during a meeting in Wolfsburg,

Volkswagen has unveiled its plans for a new budget-friendly electric vehicle aimed at the global market. The upcoming compact EV, expected to debut in 2027, will be positioned in the entry-level segment with a projected price of around EUR 20,000 in Europe.

Faced with high domestic costs, stuttering demand for EVs and increasing competition from lower-cost Chinese makers, Volkswagen outlined a five-year plan for its namesake brand.