Volkswagen will build an electric vehicle plant in North America to manufacture a vehicle it hopes can beat the Tesla Model 3.

Scott Keogh, who was named CEO of Volkswagen Group of America in October, told reporters Wednesday ahead of the LA Auto Show that he’s in talks to establish a factory that will enable VW to make electric vehicles in North America — and have them for sale by 2020.

Keogh also said the mysterious vehicle that VW will build cost somewhere between $30,000 to $40,000. This would place it right in the price range of Elon Musk’s much-hyped Model 3, which has recently been given a new $45,000 starting price — the car has long been marketed as a $35,000 EV but Tesla hasn’t yet been able to get the costs down.

Read More… Volkswagen’s Model 3 Competitor Will Be Here in 2020: Here’s What to Expect

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