June 17, 2022
Blog Admin
EV prices to tally with cost of petrol vehicles within a year : Nitin Gadkari
Union Transport and Highways Minister Nitin Gadkari on 17 June said the prices of all electric vehicles (EVs) will be equal to the cost of petrol vehicles in the country within one year.
The Union Transport and Highways Minister said as an alternative to petrol and diesel, the government is promoting ethanol produced from crop residue.
Gadkari said while addressing ‘TV9 What India Think Today Global Summit’. “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,”
Further, he added that the government is already promoting green fuels in a big way.
The Minister noted waterways us a cheaper mode of transportation than road and it is going to come up in a big way.
EV Market Overview
The Indian electric vehicle market was valued at USD 1,434.04 billion in 2021, and it is expected to reach USD 15,397.19 billion by 2027, registering a CAGR of 47.09% during the forecast period (2022-2027).
The COVID-19 pandemic had limited domestically produced electric vehicles due to the shutdown of manufacturing facilities and lockdowns. However, as restrictions eased, EV witnessed optimistic growth as consumers became inclined toward affordable eco-friendly transportation supported by governments incentives.
The overall EV sales in April 2022 bounced back to their growth trajectory, clocking 73,046 units. This signifies a month-on-month decrease of 5.3%, but a year-on-year leap of 415%.
EV registrations in April 2022 were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 92.92% of total registrations in the month. The shares of these categories were followed by E-Cars (3.64%), cargo-type electric three-wheelers (3.17%), and so on.
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