Volkswagen has announced that next month, it will show off a new low-cost, entry-level EV that could cost just €20,000 (about $20,800 USD), the price it suggested it would hit back when it announced the ID. Life concept in 2021. That’s a steal compared to current low-end US EVs like the over-$28,000 Nissan Leaf. Meanwhile, Volkswagen’s most affordable American-sold electric car is the roughly $40,000 ID.4, despite having promised a more affordable car for so long.

The company didn’t say what the cheaper follow-up model will be called, but adjusting the concept image VW included with its announcement exposes the name “ID.One,” as one Bluesky user found. That tracks: Volkswagen previously namedropped an “ID.1” that would be based on the ID. Life concept. In 2022, VW shared a sketch of that car and pegged it for a 2027 release. This new car will hit in 2027, says VW, so they’re likely one and the same.

“Low-cost entry-level mobility in the electric era will be one of the cornerstones of the brand’s future plan,” Volkswagen writes, adding that it’s not planning to just produce one low-cost car — it reiterated today that it will ship another cheap EV called the ID. 2all that it announced almost two years ago. That car is expected to go for €25,000 (or about $26,000 USD). Both it and the ID.1 (or ID.One, if you like) will use a new version of its modular battery platform that the ID.4 and ID Buzz are based on.

EV prices aren’t the only place Volkswagen is trying to cut costs. Following a labor strike in Germany, it reached a union deal that will mean 35,000 fewer workers and billions per year in cost-cutting, The Wall Street Journal notes.