Volkswagen Group (OTC: VWAGY) on Monday unveiled the first electric mid-size sedan it plans to start selling in China and Europe in the second half of next year.
What Happened: The German automaker said ID. Aero is the sixth member of its electric vehicle portfolio that also has its sports utility vehicles and crossovers.
“Sedans are the second most popular body style in China,” said Stephen Wollenstein, CEO, Volkswagen China.
Wollenstein said the electric sedan is nearly 5 meters long, with a range of over 382 miles, and will compete in the crowded and growing, high-volume midsize sedan segment in China.
Nio Inc’s (NYSE: NIO) ET5, Xpeng Inc’s (NYSE: XPEV) P7, Tesla Inc’s (NASDAQ: TSLA) Model 3, and BYD Co’s (OTC: BYDDY) Han are some of the popular mid-size electric sedan’s that are currently on sale in China.
Production Plan: Volkswagen said the China series production version will be unveiled in early next year and that it plans to begin deliveries in the second half of 2023.
Volkswagen is also planning to start making and selling a European series version in Emden in 2023.
See Also: Elon Musk Reacts To Prediction Of Volkswagen Overtaking Tesla By 2024
China Plan: The world’s second-largest automaker is planning a production version for each of its two joint ventures, SAIC Motor and FAW Group, in China.
“As early as 2030, it is planned that at least every second vehicle sold in China will be an electric vehicle,” Volkswagen said.
Volkswagen expects half of its global sales to be EVs by 2030. The legacy automaker which aims to overtake Tesla by 2024, sold 8.6 million vehicles globally last year, out of which 452,900 were battery EVs.
Price Action: VWAGY closed 0.65% higher at $19.3 on Monday, according to data from Benzinga Pro.
Photo courtesy: Volkswagen
