VW electric cars to rival Tesla on price

Volkswagen intends to sell electric cars for less than €20,000 (£17,400) and protect German jobs by converting three factories to make cars to rival Tesla, a source familiar with the plans has said.

In a related development, Germany has reportedly earmarked €1bn (£870m) to support a consortium looking to produce electric car battery cells to reduce its carmakers’ reliance on Asian suppliers.