When asked by US magazine Game Informer whether Sony would cut the price of PS3 as soon as they did after the PS2’s launch, Tretton replied: “No… There’s a heck of a lot more under the hood and it costs us more money to make it.” He added that “it will be a lot more difficult” to reduce the recommended price of PS3.

The PS2 first launched in the US in October 2000 at a price point of $299. Its price was reduced by $100 by Sony in May 2002, which, according to Tretton, means that the first PS3 price drop won’t arrive until late summer 2008 at the earliest.

Tretton also stated that demand for the PS3 means that consumers will be willing to pay over the odds at launch.

“I think the consumers that get their hands on a PlayStation 3 clearly see the value and not only want to buy one for $599, in some instances they’re willing to pay ridiculous prices on eBay,” he said.