• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 5 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 4 mins America's pandemic dead deserve accountability after Birx disclosure
  • 53 mins Putin blocks Ukraine access to Black Sea after Joe blinks
  • 45 mins U.S. Presidential Elections Status - Electoral Votes
  • 3 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 5 days Joe Biden's Presidency
  • 19 hours Fukushima
  • 1 day CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 19 hours Biden about to face first real test. Russia building up military on Ukraine border.
  • 4 days New Chinese Coal Plants Equal All those in U.S.A

Volkswagen Readies Compact EV For 2023

Volkswagen will look to reduce its portfolio of internal combustion engine vehicles, while speeding up the development of a compact electric vehicle that could cost less than $36,000 and could be launched as early as 2023, Bloomberg reported on Friday, quoting sources with knowledge of the German carmaker’s plans. 

Like all auto manufacturers, Volkswagen is looking to catch up with Tesla and other EV makers amid expectations that electric car sales everywhere in the world will continue to rise, also aided by the net-zero emissions targets of many governments.  

Two years ago, Volkswagen said that it would invest US$52.5 billion (44 billion euro) on e-mobility, autonomous driving, new mobility services, and digitalization in vehicles and at plants through 2023. This investment would represent around one-third of all expenditures for the 2019-2023 period that Volkswagen planned. The announcement from Volkswagen in November 2018 came three years after the diesel emissions scandal

According to Bloomberg’s sources, Volkswagen is now working on a VW-branded compact car that could be introduced in three years. 

Earlier this year, VW launched sales of its ID.3 electric vehicle in Germany and many other European countries, where electric vehicles enjoy generous subsidies. 

“I am convinced that e-mobility will now make its breakthrough,” Jürgen Stackmann, Volkswagen Brand Board Member for Sales, said in July, adding that “We are realizing our vision of enabling emission-free mobility for all.”

Related: Why Iraq Isn’t Producing 10 Million Barrels Per Day Yet

Volkswagen also plans to start selling its new purely electric SUV, ID.4, beginning next year. The ID.4 1st Edition, which has a preliminary manufacturer estimate range of 250 miles, is sold out on VW’s website. 

Earlier this month, Volkswagen launched production of electric drives at the Tianjin site in China—a move that VW sees as bolstering its electrification campaign in the world’s most important automotive market. 

While VW is betting more and more on EVs, it plans to discontinue the mid-sized Passat sedan in the U.S. and sell only the station-wagon version in Europe, Bloomberg’s sources said. 

By Michael Kern for Oilprice.com

More Top Reads From Oilprice.com

Join the discussion | Back to homepage

Leave a comment
  • rudolf d'Ecofacista on November 29 2020 said:
    the promised 250 miles is only when yoy drive less than 30 mph in the city.....your range will be less than 30 mph when driving at 100 mph on the German autobahn at minus 10 degrees...Are you still interested in a 60.000 dollar golf trolley from Volkswagen?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News