The race for price parity between EVs and conventional vehicles in India

Can the cost of EVs match that of conventional fuel-powered vehicles in a year? The road is long yet

At a recent media event, Road Transport and Highways Minister Nitin Gadkari said that in a year’s time, the price of an electric vehicle (EV) will match that of an internal combustion engine (ICE) vehicle.

EVs are currently far more expensive than conventional fuel vehicles owing to battery costs that make for 35 to 40 per cent of their price. While an electric car costs almost twice of petrol or diesel models, e-buses cost nearly 1.5x to 2x more than their diesel counterparts, depending on the length, number of seats and other specifications.

For instance, the electric version of the