BMW Developing New Electric Car
March 14, 2009 by Stephen Kersey
Filed under Business
Though BMW didn’t dive deep into the hybrid vehicle market, the company is now spending more than $1 billion to develop a small automobile, which will have an electric-powered version.
Courtesy of BMW
The push for the BMV electric car will be headed by Senior Vice-President Ulrich Kranz under their “Project i” initiative.
The problem with electric cars in the eyes of many consumers is the cost. With batteries priced at over $20,000, the price of these cars may not be worth it most drivers, who can only travel 150 miles between charges.
According to Business Week, “Consultant Bain & Co. figures battery costs could fall to $4,000 per vehicle by 2020, which means the showroom price of an electric could be as low as $20,000—about half what most manufacturers envision for their first electric models.”
A $20,000 sticker would probably be a more realistic buy for many people.
