Nitin Gadkari Confident, Cost of Petrol & Electric Vehicles would be constant in 2 years

Union Minister, Nitin Gadkari, stated EV price could be comparable with both petrol as well as diesel powered vehicles in the next 2 years on the back of the declining cost of technological breakthroughs, lithium ion batteries and growing localization of components.

The minister is also confident that within 1 or maximum 2 years the petrol vehicle cost and e-vehicles would be same. He stated, while speaking at the webinar organized by the Sustainability Foundation, Denmark.

The Minister stated that, he would be personally push for research on alternative battery chemistries such as sodium ion, zinc icon and aluminium ion which would further reduce the cost of EV's in India.

Nitin Gadari stated, mass demand for EVs, localization of EV parts, indigenous battery technology would lead to same capital cost in comparision with both petrol as well as diesel versions because of economies of scale.

He further added, central as well as state governments would be promoting and supporting EV eco-system in the nation through favorable policies, tax exemption, incentives, tax exemption and loan facilities for both, supply and demand sides.

The GST is only mere 5% for the electric vehicles when compared to petrol vehicles it is about 48%.

Gadkari stated that, numerous battery chemistries are being developed by varied research institutes as well as start-ups. Additionally around 81% of lithium battery requirements would be met having local production as well as other factors combined would eventually would lead to the reduced cost of ownership for EV in near future.

On charging infrastructure, the Minister stated that, within 2 years there would be enough charging stations in the nation and it would be no longer be a problem for EVs.