Union Minister Nitin Gadkari announced that electric vehicles in India will be as affordable as petrol cars within six months. Advancements in battery technology and increased local production are expected to drive down costs, boosting EV adoption.
Union Minister for Road Transport and Highways, Nitin Gadkari, has announced that electric vehicles (EVs) in India will become as affordable as petrol-powered cars within the next six months. Speaking at the 32nd Convergence India and 10th Smart Cities India Expo, Gadkari stated that the price gap between EVs and internal combustion engine (ICE) vehicles is expected to disappear soon.
Despite their growing popularity, EVs remain costlier than petrol vehicles due to several factors. The high cost of lithium-ion batteries, which account for a significant portion of an EV’s price, is a major contributor. Additionally, import duties on battery components, limited domestic manufacturing, and lower production volumes have kept prices elevated. However, with advancements in battery technology and increased local production, prices are expected to decline, making EVs more affordable.
India’s EV market has been expanding steadily despite concerns over charging infrastructure, battery longevity, and resale value. In 2024, EV sales witnessed a 27% surge, reaching 1.94 million units. Electric two-wheelers (E2Ws) led the segment, while the electric passenger vehicle category also recorded a 20% rise, with nearly 100,000 units sold.
Among car manufacturers, Tata Motors retained its leadership in the EV market, selling 61,496 units in 2024. However, its market share declined from 73% in 2023 to 62% in 2024 as more automakers entered the segment, intensifying competition.
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