Mitsubishi is aiming to cut the price of its electric i-MiEV model to just 2 million yen (equivalent to just £14,820) by 2012, Japanese publication Nikkei reports today.
The electric car model has been criticised for its very high price tag of £38,699 including VAT-this compares to just £28,350 for its main rival- the Nissan Leaf.
While both models will benefit from price-reducing grants and incentives in countries including the UK, US and Japan, the i-MiEV remains nonetheless much more expensive than its larger, more family-friendly rival.
But today, the Japanese firm hit back, claiming that it expects the price can be cut by nearly half within the nest two years as the scales of economy tip in its favour. Price cuts will come to make the model more competitive with hybrids while mass production of lithium ion batteries, the most expensive component of an electric vehicle, will help lower costs sharply.
An unnamed source at Mitsubishi told Nikkei that the electric model, originally priced at 4.59 million yen when it was unveiled last July, will effectively sell for 2 million yen after factoring in government subsidies.
Likewise, in the UK the i-MiEV is expected to benefit from Government grants of £5,000 to reduce its price to just under £34,000.
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