Electric vehicles in India are expected to achieve price parity with internal combustion vehicles as early as 2027-28, on the back of easing battery prices, industry insiders and experts told DH.
This comes at a time when the growth in sales of electric vehicles has surpassed that of traditional ones, with EV sales registering 100% year-on-year growth in January 2024.
“Battery costs constitute a substantial part of the overall cost of an EV. With battery cell prices having softened in the recent past and considering their potential reduction in the foreseeable future, we have chosen to proactively pass on the resulting benefits directly to customers,” Tata Passenger Electric Mobility’s chief commercial officer, Vivek Srivatsa said, after the company reduced prices of its EV offerings by 1-8%, up to Rs 1.2 lakh.
