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Volkswagen roll out low-cost cars

Germany's Volkswagen plans to launch a family of low-cost budget cars in China and possibly elsewhere starting in 2018, its chief executive said.

"We will bring a budget-car family to market in 2018, with an SUV, saloon and hatchback," Martin Winterkorn said.

Europe's largest automaker had for years been pondering a budget car. The vehicles - which are to be built in China - will cost between €8,000 and €11,000, the chief executive said.