Volkswagen (VOW.DE) achieved something on Wednesday that Tesla (TSLA) couldn’t at its investor day this month — show off a sub-$30,000 electric vehicle (EV).

At an event in Hamburg, Germany, Volkswagen offered a first glimpse of its ID.2all concept, a car that will cost less than 25,000 euros ($26,400) and go into production for the European market in 2025. VW didn’t mention whether the car would eventually come to the U.S. (The even smaller, even cheaper ID.1 surely won’t.)

“The ID.2all shows where we want to take the brand. We want to be close to the customer and offer top technology in combination with fantastic design,” Volkswagen Passenger Cars CEO Thomas Schäfer said. “We are implementing the transformation at pace to bring electric mobility to the masses.”

Sized between a Polo compact hatchback and a Golf, Volkswagen says the ID.2all will be offered with “improved footprint” from an interior point of view. Generally speaking this means the EV powertrain and battery setup will allow for more interior space. 

VW says the ID.2all also “introduces the new design language for our future models” for the auto giant. 

Inside, the ID.2all concept has a brand new HMI system — or user interface — with actual knobs and buttons, Volkswagen said. Models like the current Golf R have received criticism for removing buttons and making users have to find and access functions with the touchscreen, which can be cumbersome.

Volkswagen says the production version of the ID.2all will feature a front wheel drive architecture using MEB entry platform for EVs, have 450 km of estimated range, and feature 150kW fast charging.

The ID.2all will be one of 10 new EVs Volkswagen plans to launch by 2026. One of those, Volkswagen says, will be another that will cost less than 20,000 euros ($21,000).

Just this week VW said it will spend $193 billion (180 billion euros) over the next 5 years into what the company is calling its “most attractive profit pools,” which include battery production, expanding its footprint in North America, and digitalization efforts and products in China.

VW says two-thirds of the spending will be earmarked specifically for electrification and digitalization — meaning auto software and user-interface features, for example. VW says there will be ongoing investment in gas-powered engines, which are expected to peak in 2025, then eventually tail off.