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EV prices as good as ICE vehicles within a year: Nitin Gadkari

EV prices as good as ICE vehicles within a year: Nitin Gadkari

Currently, an entry-level electric vehicle in the passenger car segment costs almost double the cost of a comparable conventional engine version.

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Updated on:
June 18, 2022, 13:53

File photo used for representative purposes only. (REUTERS)

The prices of electric vehicles will soon equal the cost of internal combustion engine vehicles within a year, Minister of Transport and Roads Nitin Gadkari recently stated. Electric vehicles are expensive compared to conventional fuel vehicles because the batteries can be between 35 and 40 percent of the price of a vehicle.

Currently, an entry-level electric vehicle in the passenger car segment costs almost double the cost of a comparable conventional engine version. In the two-wheeler segment, the EVs cost about 1.5 times as much as a petrol or diesel two-wheeler. “I’m trying … within a year the cost of electric vehicles will equal the cost of gasoline vehicles in the country and we will save money on fossil fuels,” Gadkari said.

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A recently conducted survey also revealed that domestic electric vehicle sales will grow by more than 10 million by 2030. It suggested there are chances of overall adoption of over 30 percent across various categories of EVs. The study highlighted the point that to realize more than 30 percent of EVs, the country will need about 800 GWh of batteries by 2030. India also has plans to produce lithium-ion cells in the country.

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In addition to highlighting the benefits of electric vehicles, the minister also informed that the government is also trying to promote and encourage the use of ethanol instead of petrol and diesel. Gadkari also added that waterways are a cheaper mode of transport than roads and that it will make a big advance in the coming days.

(With inputs from PTI)

Date of first publication: June 18, 2022, 13:53 IST