Will Electric Vehicle cheaper than combustion vehicle in 3-4 years?
India is moving towards its 2030 electric vehicle target i.e. 30 percent of Electric Vehicle.
CEO of NITI Aayog Mr. Amitabh Kant on Wednesday said that “the cost of Electric Vehicles will become almost equal to Combustion Vehicles in the next 3-4 years”.
Kant reportedly said that India has 28 cars for every 1,000 people much lower as compared to the US or Europe. Which has 980 and 850 cars on 1,000 people. Kant said this means as India transits towards urbanization the future will all be electric, shared and connected.
“We will transit towards there as the cost of the battery falls from 276 dollars per kilowatt-hour (kWh) to 76 dollars per kilowatt-hour. The cost of electric vehicles will almost become at par with combustion (engine) cars in the next 3-4 years.” the NITI Aayog CEO said while addressing a CII event in New Delhi.
TERI DG Ajay Mathur said there is a need to decarbonise key sectors such as road economy and in the process push a transition to 100 percent green electricity-based mobility.
“In order to move towards a shared, connected and zero-emission world, and to realize the full benefits of EVs, it is important that the battery is charged with clean power and not fossil power,” he said.
One of the major concerns for the high rates of Electric vehicles is the cost of “Lithium-ion battery”. In EV’s the most expenses part is batteries. So, if the battery price goes down then there is a great chance to make a good EV market in India.
Information Credit: Business Standard.