Electric vehicles (EV) A sharp drop in price is expected, which can make them competitive with petrol and diesel vehicles. According to a new study, the price of electric cars will be at par with petrol and diesel vehicles by 2024.
Electric car battery price will be lower
The study says that the price of electric vehicles is decreasing due to the fall in the price of electric batteries. In 2010, the price of an electric car battery was about $100 per kilowatt-hour. By 2024, this price is expected to be less than $100 per kilowatt-hour.
Demand for electric cars will increase
Apart from falling battery prices, the cost of manufacturing electric vehicles is also falling. Governments are also providing subsidies to promote electric vehicles, which is further reducing their prices. According to the study, the fall in the price of electric cars is expected to increase their demand. By 2028, sales of electric vehicles are expected to reach 120 million units worldwide.
price of electric cars in india
In India, the price of electric cars is still higher than petrol and diesel vehicles. However, prices have started coming down. In 2023, the cheapest electric car in India is the Tata Tigor EV, with prices starting at ₹5.69 lakh.
Subsidy on electric vehicles
The government is providing subsidies to promote electric vehicles. Under the FAME-II scheme of the Government of India, a subsidy of up to Rs 1.5 lakh can be given on purchasing an electric car.
371,214 EVs sold so far in 2023
Demand for electric cars is increasing in India. In 2022, sales of electric vehicles in India to reach 3.32 lakh units. Whereas in the third quarter of 2023, EV sales reached 371,214 units. This is 40% more than the 264,781 units sold in the same period last year.
Will compete with petrol engine
A huge fall in the price of electric cars is expected. With this, electric vehicles can become competitive with petrol and diesel vehicles. In India too, the price of electric cars has started decreasing and the demand is increasing.