A Volkswagen logo is illuminated on a production line for the Golf VIII and Tiguan cars, at the VW headquarters, in Wolfsburg, Germany, on May 23.Volkswagen will develop low-cost electric vehicles in a bid to better compete with fierce Chinese rivals, Europe’s largest carmaker said on Tuesday, after talks with Renault to team up on the project collapsed earlier this month.
“It’s about entry-level electric mobility from Europe for Europe,” Volkswagen Chief Executive Oliver Blume said in a statement. “In doing so, we combine a clear commitment to Europe as an industrial location, a European industrial policy and ultimately act in the interests of European customers.” Volkswagen said it would rely on a high degree of localisation in Europe for the project, which would also help to cut transport routes of components, thereby reducing emissions.
As part of those efforts, Volkswagen is currently implementing €10-billion worth of savings and cost-cutting measures at its namesake brand by 2026.
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