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Volkswagen will develop low-cost electric vehicles in a bid to better compete with fierce Chinese rivals, Europe's largest carmaker said on Tuesday, after talks with Renault to team up on the project collapsed earlier this month. The target is to produce electric vehicles for the European market priced at around 20,000 euros ($21,746), Volkswagen said, adding that a world premiere was planned for 2027. "It's about entry-level electric mobility from Europe for Europe," Volkswagen Chief Executive Oliver Blume said in a statement.

David holmesJonathan oatisOliver blumeThomas schaeferChristoph steitzChristina amannChief executive oliver blume