Volkswagen has bet $30 billion to start beating Tesla in 2020

Volkswagen CEO Herbert Diess has promised the NEO electric car in 2020 with 400 kilometer (250 mile) range at a price of $28,000. Volkswagen has invested $30 billion into electric cars and batteries. They are building a large plant in Shanghai.

The NEO electric cars will first be introduced in China and Europe.

There will be a modular electric platform (MEB) which will be the basis for a million EVs a year by 2025.

There will be a hatchback and ID Crozz crossover and then 2022 there will be an electric Microbus.

260-mile range for the mid-range Tesla model 3 and 310 miles for long-range

Tesla is expanding into Europe and China with its Model 3. By 2020, Tesla should have finally reached its $35,000 Model 3 price point without incentives. Currently the mid-range is about $46,000. They expect $10,000 in incentives through the end of 2018.

Volkswagen Group

Volkswagen AG (OTC: VLKAY), is one of the world’s largest automobile manufacturers. In 2017, it was worth more than $75 billion.

Volkswagen owns Audi, Bentley, Lamborghini and Bugatti, Skoda and Seat.