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Cost of EVs to match petrol, diesel vehicles in about 2 years: Nitin Gadkari

  •   Mon, Sep 09 2024 04:15:45 PM

New Delhi, Sep 9 (IANS): As the adoption of electric vehicles (EVs) increase in the country, the cost of EVs will almost match petrol and diesel vehicles within the next two years, Union Minister for Road Transport and Highways, Nitin Gadkari, said on Monday.

Addressing an event here organised by the Automotive Component Manufacturers Association of India (ACMA), the Minister also urged automobile companies to contribute to road safety initiatives, emphasising that road safety remains a significant concern for the ministry.

“Ten years ago, when I was pushing for electric vehicles, automobile giants in India didn’t take me seriously. Now, they tell me they may have missed the bus," Gadkari told the gathering.

The minister further said that he is not against any additional subsidy or incentive for electric vehicles and if the Finance Ministry and Ministry of Heavy Industries wish to give more EV subsidies, he has no problem.

The new electric vehicles (EV) manufacturing policy aims to attract global players to India but also stress domestic value addition.

According to the ACMA, the EV policy marks another significant step towards accelerating the adoption of cutting-edge technology and fostering innovation in India's automotive sector. The new policy sets the stage for a vibrant future-mobility global manufacturing hub in India.

As per the new policy, a minimum investment of Rs 4,150 crore (about $500 million) is needed to set up manufacturing facilities and production started within three years and reach 25 per cent DVA by three years and 50 per cent DVA within 5 years at the maximum.

The Centre is likely to clear the third Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme to further promote electric vehicle (EV) adoption in two months, according to Minister of Heavy Industries, HD Kumaraswamy.

Last month, the number of EVs registered in FY24 increased significantly by 42.06 per cent as compared to FY23. Credit rating agency ICRA expects about 15 per cent of new car sales to be electric by 2030.

 

 

 

 
  

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Comment on this article

  • Sunil, Mangalore

    Wed, Sep 11 2024

    So petrol engine will be more expensive in future

    DisAgree Agree Reply Report Abuse

  • Gerald Lasrado, Udupi

    Tue, Sep 10 2024

    The EV don't last long compared to the IC engines. For manufacturing a EV battery it takes 5 IC engine pollution. The condition of roads are washed away within a year. The country only collects taxes and fools citizens that they have done fastest which don't even last. Who is going to take care. For example if they introduce a metro from mangalore to Bhatkal people will use these and less vehicles are used and less pollution. what use of EV many countries outside world say they have used it and scrapped within 10 years as there is no value for the vehicles. This is just dreaming and making fools fooled

    DisAgree [1] Agree [2] Reply Report Abuse

  • Pinthaam, Mangloor

    Tue, Sep 10 2024

    Without enough charging stations and available power, EV's are useless!

    DisAgree [1] Agree Reply Report Abuse

  • Langoolacharya., Belman / Washington, DC.

    Tue, Sep 10 2024

    TESLA Superchargers: Superchargers are the fastest charging option when you’re away from home, allowing you to charge your vehicle up to 200 miles in 15 minutes. Designed to get you charged and back on the road as quickly as possible, we own and operate over 50,000 global Superchargers that are accessible on a 24/7 basis, located on major routes near convenient amenities. 200 Miles = 320 KMS. Note: In USA Miles, Gallons are used instead KMs and Liters....Tak...Takk...

    DisAgree [1] Agree [5] Reply Report Abuse

  • KS Mayya, Mangalore/Bangalore

    Mon, Sep 09 2024

    Karnataka no more provides road tax exemption for EVs despite seeing growth in EV segment. Siddu is busy with his freebie schemes and has to swindle every corner for money let alone consider Green Bengaluru/Karnataka. Add to this the higher insurance premium that EV attracts, EV is soon going to be financially unviable compared to ICTs. While there is some value if public transport including taxi and rickshaw who start deriving value as soon as they purchase; for individual owners, there is no incentive whatsoever. Also, in city conditions due to frequent braking, drivers tend to derive more mileage per charge. Petrol and Diesel cars are still reliable options for highway even if EV manufacturers can fix the range issue because, EVs tend to provide less Km per charge at high speeds. Let us say, the HP and IOC pumps use their network coverage to take care of charging infrastructure, still, charging time of min 20 min for reasonable range means, that large scale adoption of EVs is tough. EVs are losing the sheen even in advanced economies thanks to higher interest rates. India on the other hand, has the right environmental conditions for EVs. Safety, convenience, value for money and cost of ownership will eventually decide in the cost sensitive market like India.

    DisAgree [10] Agree [12] Reply Report Abuse

  • Dylan, Mangalore

    Mon, Sep 09 2024

    Just fooling as usual. Which people have got used to.

    DisAgree [11] Agree [10] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai-Mangalore

    Mon, Sep 09 2024

    EV is just hype & hoopla in this place where 70% of the electricity (if I am not mistaken) is generated using coal (check out the pollution it causes)!!😯

    DisAgree [5] Agree [15] Reply Report Abuse

  • Rahul, Mluru/dxb

    Mon, Sep 09 2024

    When is cost of toll going to be zero? By laying tolled road across country the cost of travel has almost doubled. Is paying vehicle tax and toll not burning hole in commoner's pocket?

    DisAgree [4] Agree [13] Reply Report Abuse

  • Anil, Mangalore

    Mon, Sep 09 2024

    Many in the Villages use free electricity for agricultural pumps to charge their EVs !!!!! They also misuse free electricity given to farmers to power their homes !!! Governments should clamp down on these people and fine them heavily and also impose Jail terms .

    DisAgree [2] Agree [13] Reply Report Abuse

  • Roshan, Mangaluru

    Mon, Sep 09 2024

    India does not have electric power surplus, with sustainable resources. Though there is some impetus for solar, wind and tidal power, majority of energy now coming to us, from burning coal. So lots of mining happening around the country for this and other minerals. The land slides that is happening around the country are possibly are side effects. It is true that EVs are going to replace current automobile section in near future, replacing fossil fuel, but it wont come cheaper for another decade, if supply Vs demand is the critera influencing pricing. It is going to be mobile phone is cheaper, but recharge expensive.

    DisAgree Agree [7] Reply Report Abuse

  • real kujuma, kodial

    Mon, Sep 09 2024

    EVs cannot function in smaller cities as there is acute shortage of electricity and power cuts every now and then...there were huge false promises made by govts of setting up charging stations..there are just a handful...battery costs a fortune...so it is not viable at all with such huge population...just imagine if 50 two wheelers or cars stand in queue to get their batteries charged for 45 minutes......

    DisAgree [22] Agree [28] Reply Report Abuse

  • SURESH HEGDE, Karambar

    Mon, Sep 09 2024

    P Chidarambam Ex finance minister also thought few years back for UPI payment same like you. Now we saw even small kid who act as Rakkasa recently having scanner for digital payment. Jago bhai Jago..... India Badal Raha Hai... After two year may be India will have Solar Small power station across the city.

    DisAgree [3] Agree [18] Reply Report Abuse

  • Kumar, Mangalore . Surathkal

    Mon, Sep 09 2024

    Why shortage of power when sidda is giving free electricity in the name of freebies bhagya for vote??

    DisAgree [6] Agree [16] Reply Report Abuse

  • Haneef, Mangalore

    Mon, Sep 09 2024

    Jumla!

    DisAgree [20] Agree [16] Reply Report Abuse


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