Home Technology Good News For Buyers! By 2024, Prices Of Electric Vehicles Will Be...

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

A significant component that has discouraged plenty of potential patrons who wished to modify to electrical autos is the upper costs, in comparison with the petrol and diesel fashions of the identical.

But this might quickly be a factor of the previous, in line with Union Road Transport and Highways Minister Nitin Gadkari.

According to him, EVs will price the identical as petrol and diesel autos by 2024.

nitin gadkari ethanol
PTI

“The price of EVs is excessive as a result of their quantity is much less. But India is awaiting an EV revolution with 250 startup firms participating within the innovation of EV expertise in probably the most cost-effective method. Moreover, huge auto producers have additionally entered the competitors to scale back the price of EV manufacture,” Gadkari mentioned whereas addressing the annual session of the Indian Chamber of Commerce and FY21 AGM.

More EV charging stations on highways quickly

The minister additionally added that the National Highway Authority of India (NHAI) is already working in the direction of rising the variety of EV charging stations alongside the National Highways.

“We are establishing 600 EV charging factors throughout main highways by 2023. The authorities additionally desires to make sure that the charging stations are powered by renewable sources like photo voltaic or wind electrical energy,” he mentioned.

electric vehicle charging station
Unsplash

Gadkari additionally mentioned that EV vans and EV tractors are additionally being launched within the Indian roads shortly.

Earlier this month, whereas addressing the ‘Times Now Summit’, Gadkari had mentioned that attributable to technological improvement, the price of electrical autos will drop in India.

“We are working to extend electrical autos gross sales and within the subsequent two years, your automobile will probably be electrical,” Gadkari mentioned.

The minister mentioned that if gasoline price of a petroleum automobile monthly is Rs 12,000-15,000, then in case of electrical automobile, will probably be Rs 2,000.

“And within the subsequent two years, the price of electrical autos in India will drop to the extent of petrol autos,” he mentioned.

Tata Nexon EV
Tata Nexon EV

With an purpose to advertise eco-friendly autos, the federal 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, total EV sales surged in September to 34,316 items, signifying a month-on-month enhance of 18.7% and a year-on-year soar of 222%.

EV market in India is predicted to make up about 12 per cent of all passenger vehicles within the nation by FY26, supported by bettering ecosystem and faster adoption of electric vehicles on the again of things equivalent to decrease upkeep prices and rising gasoline costs.

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