The Magic Price for New Electric Cars: $45,000
Mitsubishi announced today the price of the iMiEV, its small egg-shaped electric car that goes on sale next month in Japan: $45,660 at current exchange rates.
According to Mitsubishi, the car has a driving range of 100 miles, and can fully recharge in 14 hours on 100-volt power.
The new electric sedan from Coda Automotive—a spin-off from Miles Automotive—is expected to go on sale in the US next year. Miles revealed this week the price for the plain Jane Chinese-produced all-electric sedan: $45,000.
Definitive pricing is not yet established for the vaunted Chevy Volt—technically a series plug-in hybrid, but also referred to as an “extended range electric vehicle.” A few weeks ago, when GM’s Bob Lutz appeared on the Late Night with David Letterman, he said, “Our best estimate is right around $40,000.” Some analysts believe that when the vehicle hits the market the price could creep up to approximately…$45,000.
All three of these vehicles would be eligible for federal tax credits of as much as $7,500—with the Japanese government’s incentive for the iMiEV expected at $14,500. While auto companies are not basing long-term pricing strategy of electric cars on tax credits, most analysts believe that finding a market for the next wave of electric cars (beyond highly motivated early adopters) will require government-provided consumer subsidies.