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,

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.

Volkswagen is accelerating its focus on affordable electric vehicles. The company revealed a bold strategy to expand access to e-mobility, with a new entry-level model priced around €20,000.