Yahoo Finance automotive correspondent Pras Subramanian joins the Live show to highlight Volkswagen's latest EV which is set to be priced under $30,000 in European markets.

Video Transcript

- When it comes to the transition of EVs, a lot of the push back or a lot of the criticism has been there simply not many affordable EVs out there. VW though unveiling one that's under $30,000.

PRAS SUBRAMANIAN: This is a big deal I think, yesterday they-- yesterday afternoon late afternoon in Hamburg, Germany they unveiled the VW ID.2all. I think it's a strange name. But basically it's a golf-sized--

- ID.2all?

PRAS SUBRAMANIAN: ID.2all. Yeah. I know, it's--

[INTERPOSING VOICES]

- It doesn't really roll off the tongue.

PRAS SUBRAMANIAN: No. No, they're trying to say that it's for everyone. I think it's just a concept name. It'll probably be called the ID 2 when full production version's here. So it's a compact sort of hatchback. They say a lot of actually more interior space because you don't have the tunnel there for the transmission and things like that. So this is kind of a big deal, because they did what Tesla couldn't do. This is a sub $30,000 EV, right?

It's going to be a front wheel drive crossover there, or sorry, hatchback. It's going to have run 280-ish miles of range, front wheel drive. Going to come out in 2025. So that's kind of it's a big deal.

But it's only for the European market right now. We'll see if it comes to the US. I think that the thinking is that these smaller cars are more popular in Europe and other places in the world. But hey, if it's really popular I guess maybe it will come to the US. And then it may challenge Tesla where they're not actually at, which is that sub $30,000.

- That would be a starting out price though, right? Then you have to add on the bells and whistles.

PRAS SUBRAMANIAN: Yeah. Yeah, exactly. This is like they're trying to deliver at least one model below that $30,000 or in this case 25,000 euros in Europe.

- Thank you so much, Pras Subramanian.