Volkswagen has unveiled its new affordable electric concept car intended to be priced below €25,000 ($26,500), which easily beats all existing rivals, including Tesla.

The ID. 2all hatchback will have a 280-mile range and a top speed of 99mph, the company said in a Wednesday press release. The new EV is slated to hit showrooms in 2026.

VW’s ID. 2all could eventually provide an impression of an EV designed for the masses with some necessary attributes, including a price tag of less than €25,000 ($26,500), the ability to drive 280 miles on one charge, and a desirable top speed of 99mph.

To increase appeal, VW has switched its EV platform to front-wheel drive, which reduces weight, decreases production costs, and improves fuel economy.

The company has also planted a 226-horsepower electric motor inside the car and endowed it with a 490-liter (over 17 cubic feet) trunk.

Furthermore, the ID. 2all EV will feature innovative technological features such as Travel Assist, IQ.LIGHT or Electric Vehicle Route Planner and a new Volkswagen design language, the company said.

“The ID. 2all shows where we want to take the brand. We want to be close to the customer and offer top technology in combination with fantastic design,” Thomas Schäfer, CEO of Volkswagen Passenger Cars, said.

“We are implementing the transformation at pace to bring electric mobility to the masses.”

The new announcement comes as VW has recently announced a massive 180 billion euros ($192.6 billion) investment over the next five years to scale up its EV business.

ID. 2all’s Design is Influenced by Golf

The design of the ID. 2all concept is Golf-influenced, VW said, adding that the EV will include “a body with a clear and powerful stance on the wheels, a friendly face, a good portion of dynamics and timeless elegance.”

The concept also gets 20-inch wheels and a new interpretation of the C-pillar design, which was developed for the first Golf.

ID. 2all’s 12.9 touch display has a new menu structure with a separate air condition control panel below it. Furthermore, the new multifunction steering wheel is minimalist, with two thumb wheels and buttons on either side.

“The ID. 2all gives a preview of the new design language of Volkswagen, which is based on the three pillars stability, likeability and excitement,” Andreas Mindt, Head of Design at Volkswagen Passenger Cars, said.

VW Beats Musk to Unveil a $25,000 EV

While VW has become the first vehicle manufacturer to unveil a relatively affordable EV, it was initially Elon Musk who put forward plans for an electric car priced at $25,000.

At Tesla Battery Day in 2020, Musk said Tesla will be making a $25,000 electric car. “Tesla will make a compelling $25,000 electric vehicle that is also fully autonomous,” he said at the time.

Ever since, investors have been patiently waiting for an announcement in this regard. Even earlier this month during Tesla’s Investor Day, some expected the Tesla boss to announce a new entry-model electric car would be revealed.

However, to the disappointment of many, there was no mention of any new EV during the event.

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