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Volkswagen to Roll out Affordable Electric Vehicle in 24 Months

Volkswagen is pushing its plans to roll into the global market an affordable electric vehicle that would sell for just about $26,790.00 (about N13 million).

As revealed by the German carmaker on Tuesday, the vehicle, which it described as a model below the ID.3, may hit the world EV market in 24 months (2025).

“We will have significant scale by then… our Valencia plant cell factory gives us additional improvement on the cell side. By then we (will) hopefully have also made significant progress in attaining a significant supply (of) raw materials,” Chief Financial Officer Arno Antlitz said on an analyst call.

Asked how the carmaker would respond if demand was not as strong as expected in coming years, Antlitz also said the company was open to postponing or shifting its battery investments.

“The overall target is having solid financials,” he said.

In the lead-up to an announcement expected in June on the outcomes of mock listing exercises instigated by CEO Oliver Blume at each brand, Blume said the brands had already set profitability and cash flow targets for each brand at a January summit.

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