Mitsubishi Plans to Drop EV Prices by 2012

· · 10 years ago

Mitsubishi Motor Corporation is planning to lower the price of the i-MiEV down to around $22,000 (¥2 million) by the 2012 fiscal year. Japan's Nikkei reported that the company "sees the need for further price cuts" especially when considering the "growing popularity" of hybrids in the $22,000 price range. (These figures include government subsidies.)

According to Nikkei, Mitsubishi's current cost for a 16 kWh battery pack for the i-MiEV is as much as 2.5 million yen (or US $27,000). That sounds very high by most estimated that we've seen. Nonetheless, the company is riding down the cost curves and expects that by April 2012 the battery costs will drop to 1 million yen (or US $11,000)—after the company brings a new battery plant online. Mitsubishi also hopes to reduce costs of other components, and significantly increase manufacturing efficiencies.

The projected i-MiEV price shift reveals the need of EV manufacturers to work down costs, as automakers begin competing with one another for electric car customers—and as consumers are presented an ever-wider range of hybrids and efficient gas-powered cars.

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