Europe’s car makers have a fight on their hands to produce lower-cost electric vehicles and erase China’s lead.
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An EV uses the same rechargeable lithium-ion batteries that are in your laptop or mobile phone, they’re just much bigger and much more expensive.
At Tesla’s Battery Day event in September, CEO Elon Musk set himself an ambitious target: to produce a $25 000 electric car in three years. Hitting that price is seen as critical to deliver a true, mass-market product.