Friday, June 24, 2022

Prices of EVs to be at par with petrol vehicles within a year: Gadkari

The prices of EVs will be at par with the cost of petrol vehicles in the country within one year, Road Transport and Highways Minister Nitin Gadkari has said

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New Delhi: The prices of EVs will be at par with the cost of petrol vehicles in the country within one year, Road Transport and Highways Minister Nitin Gadkari said on Friday. Gadkari further said the government is promoting ethanol produced from crop residue instead of petrol and diesel. “I am trying…within one year, the cost of electric vehicles will be equivalent to the cost of petrol vehicles in the country and we will save money spent on fossil fuels,” he said while addressing the ‘TV9 What India Thinks Today Global Summit’.

Prices of EVs higher than petrol, diesel vehicles

Currently, prices of EVs are higher due to the high cost of batteries, which account for anywhere between 35 percent to 40 percent of the price of a vehicle, depending on the type.

At present, in the passenger vehicles segment, an entry-level EV could cost almost two times that of a comparable conventional engine version. In the two-wheelers segment too, the electric versions cost nearly 1.5 times the petrol-powered models.

The minister further said the government is already promoting green fuels in a big way.

Gadkari noted that waterways are a cheaper mode of transportation than roads and it is going to come up in a big way.

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