Electric Vehicles May Become less Expensive As Battery Prices decline, Tata Motors, BYD, Tesla, Elon Musk

Sales of Electric Vehicles (EV) have increased rapidly in the last few years in the country. However, high prices of EVs are a major hindrance in their sales. The share of EV in the total sales of passenger vehicles in the country is about 10 percent. Tata Motors, which has more than 60 percent market share in this segment, has said that the cost of making electric cars is decreasing. Because of this, the price difference between petrol and diesel engine vehicles and EVs is reducing.

Bloomberg’s Report Tata Motors’ managing director of passenger vehicle and electric mobility business, Shailesh Chandra, was quoted as saying that the prices of electric cars are approaching the prices of passenger vehicles with internal combustion engines. He said that battery prices have come down across the world and this has also reduced the cost of automobile companies. The EV market is likely to grow rapidly in the current year. Lack of charging infrastructure is also an obstacle in increasing the sales of these vehicles. To deal with this, automobile companies have started investing to increase charging facilities.

In the last few years, automobile companies like Hyundai, Tata Motors and MG Motor have launched a large range of electric vehicles in the country. Many new EVs have been introduced at the Bharat Mobility Global Expo held in the capital. These also include Tata Motors’ Harrier EV and Sierra EV.

Maruti Suzuki, which has a major share in the passenger vehicles market, has also entered the EV segment with e Vitara. This electric SUV will be launched soon. Despite starting the business late in this segment, the company has set a target of achieving the first position in it. Managing Director of Maruti Suzuki, Hisashi Takeuchi has said that the company’s target is to achieve the first position in electric vehicles in the next one year. He said, “I cannot give an estimate of sales figures but I can tell that we aim to achieve the first position in manufacturing of EV within a year.” e Vitara will be manufactured in Gujarat factory. It will be exported to many countries including Japan.