FRANKFURT, May 28 (Reuters) - Volkswagen

will develop low-cost electric vehicles in a bid to better

compete with fierce Chinese rivals, Europe's top carmaker said

on Tuesday, after talks with Renault to team up on the

project collapsed earlier this month.

The target is to produce electric vehicles in a price range

of around 20,000 euros ($21,746), the company said, adding a

world premiere was planned for 2027.

($1 = 0.9197 euros)