| Volkswagen plans budget UP! car in emerging markets
Volkswagen plans budget UP! car in emerging markets Quote:
German carmaker Volkswagen's plans to build a low-budget car specifically for growth markets like China, Brazil and India -- based on the Up! series -- are advancing well, a magazine reported on Wednesday.
With the new small car, Europe's largest carmaker aims to target customers who cannot afford to splash out on pricier models, Manager Magazin reported, citing company sources.
A spokesman for Volkswagen reiterated plans that the first version of the Up! will be presented to the public later in 2011, but said that no decisions had been made regarding other specific models in the Up! series.
According to the magazine, Volkswagen would aim to sell the Up! car for the growth markets at a retail price of around 6,000 euros.
By launching the budget car in India, Volkswagen would be competing with Tata Motors which last month launched its small Nano model -- touted as the world's smallest car -- in Sri Lanka, its first foreign market since sales of the vehicle began in April 2009.
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Source: Volkswagen plans budget UP! car in emerging markets | Reuters
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23rd June 2011, 11:02
