If you long for an affordable electric car, you might be able to purchase one from Volkswagen by the end of the decade, according to recent statements made by CEO Oliver Blume
Speaking at a conference in Germany, the Volkswagen boss said the second half of the 2020s could usher in an affordable EV priced at €20,000 only.
According to a report from Reuters, Blume stated on Wednesday that Volkswagen can achieve the low price by cutting battery costs even further. Electric vehicle batteries have never been cheaper, and this has led to a significant decline in the average cost of battery-powered vehicles. EVs are made even more affordable by government subsidies in many countries.
Volkswagen revealed a unified battery cell it claimed could reduce battery prices by up to 50 percent in 2021. The automaker claimed it could feature in 80 percent of all the EVs under its brands. The new battery cells would enter production in 2025, with a planned annual capacity of 40 GWh or 500,000 vehicles.
Volkswagen had said back in March this year it was considering building a €20,000 EV. However, it has yet to announce concrete plans or details about such efforts. It also delayed a new battery plant in Europe due to lower-than-expected demand for EVs in the region.