Low cost brand of VW can finally get off the ground, says magazine
The low-cost brand of Volkswagen finally leave the paper after receiving the green light, according to German magazine Manager Magazin, which said the company resolved the issues regarding new cost input models.
The details are still limited, but the magazine is reporting that senior executives at Volkswagen will approve the budget of the brand in a "few weeks" and the Supervisory Board will likely sign the plan this semester.
The publication goes on to say that the first model is expected to be released in late 2016 or early 2017, with a base price of 7,500 euros or less. The car will be designed and built with a Chinese partner of Volkswagen - possibly FAW or SAIC.
The low-cost brand of VW will initially be launched in China, but could eventually be offered in other emerging markets. If all goes as planned, the new brand of the Volkswagen Group will sell 500,000 cars a year.