Gadkari: EV prices to match petrol, diesel cars in two years

NEW DELHI: Nitin Gadkari, Minister for Road Transport and Highways, Government of India, announced at the 64th annual session of the Automotive Component Manufacturers Association of India (ACMA) that the cost of petrol and diesel vehicles would match that of Electric Vehicles (EVs) within the next two years.

Gadkari, who had previously suggested that subsidies for EV makers were no longer necessary due to declining production costs and growing consumer preference for EVs and CNG vehicles, clarified that he has no objections to the Finance Minister providing subsidies for EVs.

In India, the market share of EVs surged to 6.3 per cent last year, reflecting a 50 per cent growth from the previous year. Bhavish Aggarwal, Chairman and Managing Director of Ola Electric Mobility, also noted in an interview that EVs across various segments would soon be competitively priced, if not cheaper, than Internal Combustion Engine (ICE) vehicles.