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German automaker Volkswagen VWAGY will reportedly slash the price of its ID.3 electric hatchback by €3,000.
What Happened: Volkswagen is expected to lower the price of the ID.3 under €40,000 or $42,000, reported Teslarati. With the price drop, the car would be cheaper than Tesla Inc‘s TSLA Model Y Long Range which starts in Europe at €54,990, the report added.
In China, where Volkswagen holds a 16% market share, the ID.3’s reduced prices would put it at par with base Model Y, the report noted.
Two and a half years after the launch of the first generation, Volkswagen launched the new ID.3 earlier this month. The new ID.3, more mature given its new ID software, is in the starting blocks, Volkswagen says on its website. The “near-production concept car” has full connectivity and state-of-the-art software, Volkswagen said on Twitter.
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After Tesla slashed prices of its entire lineup in the US in January with reductions ranging from 6.4% to 19.7%, several other EV makers including Ford Motor Co F followed suit. However, Volkswagen Group CEO Oliver Blume told a German newspaper in late January that the company had no plans to slash prices, reported Electrek.
Tesla, however, slashed prices again last week. Updated price information on Tesla’s website showed price reductions in the range of 4.4%-9.1% for the Model X crossover SUV and the Model S liftback sedan in the U.S.
Also Read: US Lures Likes Of Volkswagen, Northvolt With Battery Plant Subsidies: Report
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Image and article originally from www.benzinga.com. Read the original article here.