Cost of electric vehicles will drop, will be on par with petrol in 2 yrs

Union transport minister Nitin Gadkari said the cost of electric vehicles (EV) in India will drop to the level of petrol vehicles in the next two years with the Indian government offering production-linked incentives and planning the installation of EV charging points at fuel stations and major highways of the country.

This is significant because by 2030, India has set a target of 30% EV sales penetration for private cars, 70% for commercial vehicles, 40% for buses and 80% for two and three-wheelers.

At present, only about two to three e-car variants cost below ₹15 lakh in the country. The cost of two-wheelers and three-wheelers in the electric segment has already almost come at par with the petrol variants after factoring in the subsidies.