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Home | Green Cars News | Electric | Mitsubishi to Cut Price of i-MiEV Electric Vehicle

Mitsubishi to Cut Price of i-MiEV Electric Vehicle

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Mitsubishi plans to bring the price of its electric vehicles down some 30% to around 2 million yen ($21,890) by fiscal 2012, the Nikkei business daily reported.

The carmaker aims to cut the price of its key i-MiEV electric vehicle to 2 million yen by lowering output costs to promote the still-pricey vehicle.

The i-MiEV electric car was priced at 4.59 million yen when it was unveiled last July. In April Mitsubishi has cut the i-MiEV price to 3.98 million yen (US$42,690), a 619,000 yen savings from the previous price. Providing current government incentives remain in place, the i-MiEV is eligible for a 1.14 million yen subsidy, cutting the total cost to 2.84million yen ($30,700). By 2012 the i-MiEV will effectively sell for 2 million yen after factoring in government subsidies, the Nikkei said.

Mass production of lithium ion batteries, the most expensive component in an electric vehicle, will lower costs sharply.

A battery plant coming online in April 2012 will churn out 70,000 units a year, with the mass production cutting battery costs to under 1 million yen per vehicle, down from 2.5 million yen. Mitsubishi Motors will also work with the suppliers of motors, rechargers and other parts to reduce component numbers, making volume production easier.

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