VW Plans To Take On Tesla Motors Inc With Affordable, Convenient EV

VW Plans To Take On Tesla Motors Inc With Affordable, Convenient EV

Tesla Motors Inc (TSLA)’s competitors are growing in number, and going forward, the automaker will face competition from Volkswagen, which is set to unveil a new Golf-based concept electric vehicle at The Paris Auto Show. The automaker says the vehicle will be capable of achieving a 300-mile range and re-charge in 15 minutes, while its sticker price will be closer to that of a gasoline-powered Golf, reports Forbes.

Volkswagen aims to make EVs affordable and convenient

Volkswagen has not gotten over the diesel engine scandal completely and is in the midst of settling with various plaintiffs and regulators. The company is trying shift the limelight from this and thus is working hard on making electric vehicles much more affordable and convenient to own. The on-sale target date for the e-Golf has been set at 2025.

In an interview with European publication Autocar, Volkswagen CEO Matthias Muller referred to the concept as “the Volkswagen for the digital age.” Company executives said they will either manufacture the batteries for the car on their own or will procure those from a German supplier.

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Volkswagen has piloted the e-Golf in limited production. The current car offers a range of about 85 miles and takes 3.7 hours to fully charge on a 240-volt charger. It is priced between $28,000 and $36,000. The company needs to expand the so-called quick-charging stations in all the markets it will sell the EV in. There are very few charging stations today, but the company has eight years to build up its charging network.

Tesla’s Model S bags the top spot

In other Tesla news, Amazon launched a new tool recently named “Amazon Vehicles,” which enables people to rate and review their vehicles. Users of the site were already able to review some models earlier, but the list has been updated now to include new models. What’s interesting to note is that the 2016 Tesla Model S took just over a day after the official launch to become the highest-rated sedan. Of the 194 “2016 sedans,” the 2016 Model S stood first with 21 5-star reviews.

It doesn’t look like Amazon implemented a way to verify whether the reviewers owned the vehicle, but the same is true for any other vehicle on the list, notes Electrek. To add more credibility to their reviews, some users even posted pictures of their vehicles. The reviewers made the most mentions of Tesla’s service on the website.

On Friday, Tesla shares closed down 0.44% at $219.99. Year to date, the stock is down almost 8%, while in the last year, it is down more than 11%.

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