Just a year or two ago, electric vehicles could not be considered as a practical choice when compared to their ICE counterparts. Now, there’s an EV revolution in the country and the transition to electric has almost become inevitable. However, there are numerous factors that have been acting as deterrents in this transition. One such deterrent has been price. Also Read – Greta Electric Scooters launches 4 new vehicles with starting price of Rs 60,000: Check all details
Indian transport minister, Nitin Gadkari has been making bold claims regarding the pricing of EVs in the country. Earlier this month, the union minister announced that by 2024 the price of EVs will be equal to their ICE counterparts. He reiterated the same timeline later at the annual session of the Indian Chamber of Commerce and FY21 AGM, claiming that “within two years, the cost of EVs will come down to a level that will be at par with their petrol variants,” Also Read – Tamil Nadu govt signs agreement with Magenta to setup EV equipment manufacturing plant
Here we discuss the main reasons why buyers wanting to purchase an ICE car in the coming years can wait for an EV instead Also Read – After Xiaomi, Realme Oppo now plans to enter Electric Vehicle market in India: Check timeline
Prices will come down to ICE counterparts
The biggest factor that has hindered the adoption of EVs in the country is the pricing. The pricing is still around 50% higher when compared to the same car’s ICE version. For instance, Tata Motors’ Nexon with a petrol engine starts at a price of Rs 7.29 lakh (ex-showroom Delhi). Nexon EV on the same hand starts at Rs 14.24 lakh (ex-showroom Delhi). Bringing the price down will definitely push sales of EVs, especially considering the rising fuel prices globally.
Fuel Prices have been breaking records
Petrol and diesel cars have more than a 100 years of head start in comparison to EVs. However, aspects such as climate change have made it a less sustainable choice. To top it all, petrol and diesel prices have been breaking all previous records. The running costs of a diesel or petrol engine has spiked substantially. There is no end in sight of this upward graph.
Infrastructure is also going to get better
Another big factor that has been creating reluctance in the minds of buyers is EV is charging infrastructure. We cannot deny the fact that setting up an ecosystem that can compete with conventional fuel options such as petrol and diesel will take a lot of time. However, the expansion of charging infra has spiked substantially and it is expected to expand in the coming years. Gadkari, during his address, assured that the Indian government is “setting up 600 EV charging points across major highways by 2023.” Furthermore, there is an added emphasis on using charging stations that are powered by renewable sources like solar or wind electricity. Private players are also playing an important role in the expansion of infrastructure.