Good News For Buyers! By 2024, Prices Of Electric Vehicles Will Be Same As Petrol, Diesel Cars

A major factor that has discouraged a lot of potential buyers who wanted to switch to electric vehicles is the higher prices, compared to the petrol and diesel models of the same.

But this could soon be a thing of the past, according to Union Road Transport and Highways Minister Nitin Gadkari.

According to him, EVs will cost the same as petrol and diesel vehicles by 2024.

PTI

“The cost of EVs is high because their number is less. But India is awaiting an EV revolution with 250 startup companies engaging in the innovation of EV technology in the most cost-effective manner. Moreover, big auto manufacturers have also entered the competition to reduce the cost of EV manufacture,” Gadkari said while addressing the annual session of the Indian Chamber of Commerce and FY21 AGM.

More EV charging stations on highways soon

The minister also added that the National Highway Authority of India (NHAI) is already working towards increasing the number of EV charging stations along the National Highways.

“We are setting up 600 EV charging points across major highways by 2023. The government also wants to ensure that the charging stations are powered by renewable sources like solar or wind electricity,” he said.

Unsplash

Gadkari also said that EV trucks and EV tractors are also being introduced in the Indian roads shortly.

Earlier this month, while addressing the 'Times Now Summit', Gadkari had said that due to technological development, the cost of electric vehicles will drop in India.

"We are working to increase electric vehicles sales and in the next two years, your vehicle will be electric," Gadkari said.

The minister said that if fuel cost of a petrol vehicle per month is Rs 12,000-15,000, then in case of electric vehicle, it will be Rs 2,000.

"And in the next two years, the cost of electric vehicles in India will drop to the level of petrol vehicles," he said.

Tata Nexon EV

With an aim to promote eco-friendly vehicles, the government had launched the FAME India scheme (Faster Adoption and Manufacturing of (Strong) Hybrid and Electric Vehicles in India) in 2015.?

According to a report by JMK Research & Analytics, overall EV sales surged in September to 34,316 units, signifying a month-on-month increase of 18.7% and a year-on-year jump of 222%.?

EV market in India is expected to make up about 12 per cent of all passenger cars in the country by FY26, supported by improving ecosystem and faster adoption of electric vehicles on the back of factors such as lower maintenance costs and rising fuel prices.

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