DETROIT, MI (AP)— Ford’s chief executive says the global auto industry is headed for a huge price war in the coming years as electric vehicle costs drop and companies sell EVs priced around $25,000.
CEO Jim Farley told the Bernstein Strategic Decisions Conference Wednesday that the $25,000 electric vehicle will democratize EVs.
Currently it costs way more to build an EV than one with a gas engine. But Farley said big cost reductions are coming with new battery chemistries that use fewer precious metals such as nickel and cobalt. Plus, he said EVs will take less time and labor to build, saving more money.
