Volkswagen plans to launch budget-friendly electric cars to compete with Chinese rivals.

From TipRanks: 2024-05-29 06:02:24

Volkswagen AG plans to launch budget-friendly electric cars to compete with Chinese rivals, set to hit the market in 2027 at a price of $21,800. Discussions with Renault for partnership in affordable EV models ended, with VW now proceeding independently to set new industry standards in design and quality.

Facing challenges from Chinese EV brands, VW aims to localize its affordable electric car project in Europe to minimize emissions and transportation costs. China-based BYD Co. Limited is considering building its second assembly plant in Europe by 2025, eyeing a leading position in the European EV market by 2030.

Volkswagen stock (VOW) holds a Moderate Buy rating, with forecasted share price of €128.86, representing an 8.67% decrease from current levels, based on recommendations from eight analysts. With four Buy, three Hold, and one Sell rating, investors are eyeing VW’s strategic moves in the competitive EV market for future growth potential.



Read more at TipRanks: German Stocks: Volkswagen (VOW) Targets Chinese Rivals with Budget-Friendly Electric Cars