Volkswagen Group is planning to launch a long-range electric vehicle (EV) in 2020 that will have a range of more than 373 miles (600km) on a single charge.

The German automaker announced the news at its annual shareholders meeting in Berlin on Thursday.

VW Group CEO Herbert Diess said the new EV will be priced at the same level as a high-end diesel Golf, which starts at around €33,000 in Germany.

"In 2020, we will offer an electric car that is affordable for many," Diess said. "It will have a range of more than 600 kilometers (373 miles) and cost no more than a Golf with a diesel engine."

The announcement makes VW Group the last major carmaker without a long-range EV in its lineup. Tesla has been offering cars with a range of more than 200 miles since 2015, while General Motors and Nissan introduced long-range EVs last year.

VW Group's push into EVs comes as the company is facing mounting regulatory pressure to cut emissions from its vehicles in Europe and China.

The company has earmarked €20 billion for investments in electric cars, self-driving technology and digital services by the end of 2022.