Volkswagen CEO Optimistic About The Possibility Of $21K EV By Second Half Of Decade
Portfolio Pulse from Benzinga Neuro
Volkswagen's CEO Oliver Blume is optimistic about launching a €20,000 ($21,714) electric vehicle (EV) by the second half of the decade. Blume cites reducing battery costs as key to achieving this price point, with plans to manufacture a unified battery cell to cut expenses by half. Volkswagen previously announced a €25,000 ($27,125) EV with a 450-km range and quick charging, and a less expensive model is hinted at but not detailed. Challenges such as inflation, charging infrastructure, and subsidy cuts are acknowledged. Volkswagen AG also plans to launch a sub-$35,000 EV in the U.S. within 3-4 years.
November 16, 2023 | 8:49 am
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Volkswagen's CEO is optimistic about releasing a €20,000 EV by the second half of the decade, focusing on reducing battery costs. The company also plans to introduce a sub-$35,000 EV in the U.S. market within the next few years.
The news reflects Volkswagen's strategic direction towards more affordable EVs, which is likely to be well-received by investors. The focus on cost reduction and market expansion could positively impact VWAGY's stock in the short term as it aligns with consumer demand and regulatory trends favoring electric mobility. However, the actual impact will depend on the company's ability to overcome the stated challenges and the market's response to these future products.
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