Volkswagen AG (OTC:VWAGY) is gearing up to release its upcoming electric vehicle, the ID. EVERY1, which is aimed at the budget-friendly EV segment and for both individual consumers and business clients.

Revealed at the World Premiere, this concept car presents a small, adaptable and affordable option for the future of transportation.

Slated for production in 2027, the ID. EVERY1 will have an estimated starting price of around 20,000 euros ($21,598).

The ID. EVERY1 concept car is part of Volkswagen’s ambitious electric transformation, with a focus on creating entry-level electric vehicles for Europe.

"The ID. EVERY1 is the last piece of the puzzle on our journey to having the widest model selection in the volume segment. We will then offer every customer the right car with the right drive system – including affordable entry-level all-electric mobility," said CEO of Volkswagen Passenger Cars, Thomas Schäfer.

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This new model is the first to incorporate the brand's new, powerful software architecture, which will allow for updates and customizations even after purchase.

ID. EVERY1 will be the first vehicle to feature software and architecture from Rivian Automotive Inc , the U.S.-based electric vehicle manufacturer, according to a report from TechCrunch.

This is part of a joint venture announced last year between the two companies, valued at $5.8 billion, the report cited.

The vehicle's front-wheel drive MEB platform ensures it is not only efficient but also offers ample space for four passengers and 305 liters of luggage capacity.

Volkswagen ( VLKAF ) plans to unveil the production version of the ID. EVERY1 alongside other upcoming electric models, including the ID. 2all and ID.GTI Concept, all of which will form part of the Electric Urban Car Family.

This new family of vehicles will be built on the MEB platform, which promises maximum efficiency and space utilization. The concept vehicle reaches a top speed of 130 km/h and offers a range of at least 250 km on a single charge.

The company is aiming to launch nine new electric vehicles by 2027, including the ID. 2all and ID. EVERY1.

Price Action: VWAGY shares closed higher by 5.61% at $11.67 on Wednesday.

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