A Volkswagen logo is seen on a Volkswagen ID.5 electric car on display at a showroom of a car dealer in Reze near Nantes, France, November 13, 2023.
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.
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.
The pressure of inflation, a lack of charging infrastructure and the removal of subsidies were also holding back electric car demand, Blume said.
Persons:
Stephane Mahe, Oliver Blume, Blume, Victoria Waldersee, Miranda Murray
Organizations:
Volkswagen, REUTERS, Rights, Victoria, Thomson
Locations:
Reze, Nantes, France, Berlin