Nov. 30, 2020—Volkswagen is developing a small electric car that is rumored to be the cheapest yet.

According to Reuters, the project, titled "Small BEV," will result in a purely battery powered vehicle and cost somewhere between $24,000 and $30,000. As of now, VW plans to build 1.5 million electric cars by 2025. 

The automaker has yet to disclose the vehicle's design, release date, and production plans.