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Volkswagen is Reportedly Working on a Cheap Tesla Competitor

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German automaker Volkswagen (VLKAY - Free Report) is working on an all-electric car that will cost only $23,000. VW is aiming to compete with Tesla’s (TSLA - Free Report) lower-cost Model 3.

Its initial production target is 200,000 vehicles and will convert 3 of its production factories in Germany. VW has been working on the MEB (modular electric drive matrix) platform to help develop its electric car.

It hopes to sell 10 million vehicles by the end of its “first wave.” VW is also partnering with SK Innovations, a South Korean batter cell manufacturer.

Since the Dieselgate scandal, VW has been under intense pressure to right the many wrongs it caused. While it has made strong headway in the EV space already, this marks VW’s biggest push yet.

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