Mitsubishi to cut prices of its i-MiEV electric car

Mitsubishi i-MiEV

In order to capitalize on the growing popularity of lower priced cars, Mitsubishi is aiming to lower the price of its electric vehicles to $21,890 by 2012; that is 30% below current prices. The main contributing component to the price of the cars is the Li batteries, of which mass production is expected to lower the costs significantly.

Mitsubishi has a plant coming online in April of 2012, which will produce 70,000 units per year, cutting battery costs to less than 1 million yen per vehicle, from 2.5 million yen. A spokesman for the company has said that Mitsubishi aims to reduce the price of its i-MiEV electric car by lowering output costs, but a time frame has not yet been set.

Mitsubishi has announced a starting price for the car in Germany of about 48,000 euros, or $59,390. The company is also set however, to build versions of the car for its partner PSA/Peugeot-Citroen, which has said that the vehicles will retail for about 35,000 euros before incentives, and less than 30,000 after incentives.