EVs will be as affordable as petrol cars in six months: Nitin Gadkari
Electric vehicles in India will soon be as affordable as petrol-powered cars, Union Minister for Road Transport and Highways Nitin Gadkari has announced. Speaking at the 32nd Convergence India and 10th Smart Cities India Expo, Gadkari said that the price gap between EVs and internal combustion engine (ICE) vehicles will disappear within six months.
Why are EVs costlier than ICE vehicles?
Currently, EVs remain costlier than petrol vehicles due to several factors. The high cost of lithium-ion batteries, which make up a substantial portion of an EV’s price, is one of the biggest reasons. Additionally, import duties on battery components, limited local manufacturing, and relatively lower production volumes add to the overall cost. However, as battery technology advances and domestic production scales up, prices are expected to decline, bringing EVs on par with their petrol counterparts.
Increasing EV sales in India
India’s EV market has been witnessing steady growth despite concerns over charging infrastructure, battery longevity, and resale value. In 2024, EV sales surged by 27% to 1.94 million units, with electric two-wheelers (E2Ws) leading the segment. The electric passenger vehicle category also saw a 20% rise, with nearly 100,000 units sold. Among car manufacturers, Tata Motors maintained its lead, selling 61,496 EVs in 2024. However, its market share declined from 73% in 2023 to 62% in 2024, as more automakers entered the segment.
If Gadkari’s prediction holds, affordable EVs could accelerate mass adoption, making clean mobility a mainstream reality much sooner than anticipated.
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