• By Reuters
  • Wed, 15 Nov 2023 08:13 PM (IST)
  • Source:REUTERS

Volkswagen has not made a decision on producing a 20,000-euro ($21,714.00) electric car yet, but Chief Executive Oliver Blume is convinced that the company can get there by the second half of the decade, he said at a conference on Wednesday.

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The main lever to reduce prices of electric cars is reducing battery costs, Blume said at the Sueddeutsche Zeitung Wirtschaftsgipfel conference in Berlin, pointing to the company's plans to produce a unified battery cell that it says will reduce battery costs by half.

Volkswagen laid out the details in March of an all-electric car under development for 25,000 euros, to launch by 2025 with a 450-km range and a battery charging from 10% to 80% in around 20 minutes.

The company had said at the time it was working on a 20,000-euro vehicle, but did not provide further information. "We have a responsibility to bring the right products at the right price onto the market," Blume said.

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"After early adopters were reached with electric cars, we now need consumers to be convinced by the technology, who don't have the opportunity to install a charging station at home." The pressure of inflation, a lack of charging infrastructure and the removal of subsidies were also holding back electric car demand, Blume said.


(Note: Except for the headline, this article is not edited by Jagran English staff and has been published through a syndicated feed)