"Volkswagen will introduce an electric car in the U.S. in 2020, the brand's new U.S. CEO told reporters Wednesday at the Los Angeles Auto Show.

The electric car will be priced in the range of $30,000 to $40,000, VW's Scott Keogh said in a group interview.

At that price range, the vehicle will compete with the similarly priced Tesla Model 3 and the Chevrolet Bolt, which are already available for sale. The Bolt starts at about $37,000, and Tesla CEO Elon Musk has said the company will begin selling $35,000 Model 3 base models in 2019.

VW has revealed several concept electric vehicles under a new nameplate, I.D., over the last two years or so. Those models provided a preview of what could be next for the company."

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