Volkswagen Reveals Elon Musk’s Unrealized Dream Car With Latest $25,000 Entry-Level Electric Vehicle
2017, Tesla Inc. (NASDAQ: TSLA) didn’t quite have the same appeal as it has today.
The stock was heavily shorted, analysts were almost certain it would fail, and even CEO Elon Musk was unsure of the company’s future. The company bled money and ran on pipe dreams of largely unfulfilled promises Musk made from his Twitter account.
There was one promise Musk made and kept: to build a high-quality, affordable, all-electric car for the masses. This led to the launch of the 2017 Tesla Model 3 with a base price of around $35,000. Tesla slowly evolved into the electric vehicle (EV) powerhouse it is today. Teslas have only gotten more expensive since then, with the cheapest model on the market costing around $43,000.
Do not miss: Thanks to changes in federal law Anyone can invest in top sustainability startups.
In September 2020, Musk made another bold promise to make a $25,000 car to increase the affordability of electric vehicles. Although this never came to fruition, Musk doubled his promise in 2021, lowering the promised price to $18,000. The realization of the affordable electric vehicle was supposed to happen at Tesla Investors Day in March 2023, but it didn’t happen.
It seems that with the release of its ID. 2all vehicle, which is said to cost under €25,000 ($26,686). The vehicle is a small hatchback that takes the throne as one of the cheapest electric vehicles on the market. Previously, the Chevy Bolt held that crown with a price tag of around $28,000.
About the ID. 2all: With the presentation of the ID. 2all concept car. With a range of up to 450 kilometers and a starting price of less than 25,000 euros, the all-electric vehicle is scheduled to hit the European markets in 2025. The ID 2all is the first of 10 new electric models that Volkswagen plans to launch by 2026 as part of the company’s accelerated electric offensive.
The ID 2all features front-wheel drive and a spacious interior comparable to the Volkswagen Golf but remains as affordable as the Polo. This includes premium innovations such as Travel Assist, IQ.Light and a route planner for electric vehicles. The series version is based on the new Modular Electric Drive Kit (MEB) Entry platform, which increases the efficiency of drive, battery and charging technology.
To stay up to date on top startup investments, Sign up for Benzinga’s Startup Investing & Equity Crowdfunding Newsletter
Thomas Schäfer, CEO of Volkswagen Passenger Cars, explained the ID. 2all examples of the combination of cutting-edge technology and fantastic design. Board member Imelda Labbé, responsible for sales, marketing and aftersales, emphasized the focus on the needs and requirements of customers.
CEO Kai Grünitz, responsible for technical development, emphasized that the ID. 2all would be the first MEB vehicle with front-wheel drive and would set new standards in technology and suitability for everyday use. Andreas Mindt, Head of Design at Volkswagen Passenger Cars, presented Volkswagen’s new design language, which is based on the three pillars of stability, likeability and excitement.
The ID 2all is part of Volkswagen’s commitment to an electric future. The automaker plans to launch the ID.3, ID. Buzz with a long wheelbase and ID.7 in 2023. A compact electric SUV is scheduled for launch in 2026. Despite challenges, Volkswagen is working on the development of an electric car for less than 20,000 euros with the goal of reaching 80% share of electric cars in Europe.
See next: Before Tesla was the powerhouse it is today, it was a startup trying to make it big. Now anyone can invest in pre-IPO startups. For example, QNetic is a startup pioneering a low-cost energy storage solution to unleash sustainable energy.
See more on startup investments by Benzinga.
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster and better.
This article Volkswagen Unveils Elon Musk’s Unrealized Dream Car With Latest $25,000 Entry-level EV originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.