Reducing the cost of electric cars which seem less attractive to consumers due to their price has always been a real struggle to carmakers.
At the same time, they also have to deal with the pressure to decrease vehicle emissions and declining demand for diesel cars.
BMW estimates its research and development budget (R&D), measured as a percentage of sales, to increase in 2018
>>> View more: Future BMW iNext will be an electric crossover with level 3 autonomy
Carmakers for many years have strived to reduce the cost of electric cars
R&D spending would account for approximately 6 percent of revenue this year
Merkel told Germany was unlikely to achieve the government's ambitious target of putting one million electric vehicles (EV) on the roads.
On Monday, Merkel told Germany was unlikely to achieve the government's ambitious target of putting one million electric vehicles (EV) on the roads by the end of the decade. Any breakthrough in battery cell technology, however, could quickly trigger a demand for battery-powered cars, she added.
>>> View more: BMW unveils the 2018 BMW 2 Series and M2 Coupe facelift
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