When will ev prices drop in india

And 2023 is the year that electric vehicles will be as affordable as petrol vehicles, according to Union Transport Minister Nitin Gadkari. These statements were made by the minister at a recently held awards ceremony on the 1st of November, 2022.

Will electric vehicle prices come down?

As demand for EVs ramps up, industry experts say prices will become cheaper. According to Treehugger.com, experts anticipate that EVs and gas-powered cars will cost about the same by 2025.

Will electric cars get cheaper in 5 years?

Therefore, if we factor in the extra supply with the time it will take to gain some production efficiencies, Prescott said, I expect to see prices to start slowly dipping by 2025 and see a significant price drop by 2030.

Is 2022 a good time to buy an EV?

There are definitely benefits to buying an EV nowadays, but you might want to wait. There's no question about it: electric vehicles are hot right now. Electric vehicle (EV) registrations were up by 60% during the first three months of 2022, even as overall car registrations were down by 18%.

What is India's 2030 EV target?

The government has stated that it intends to grow electric vehicle (EV) sales in India to capture the markets of 30% of private cars, 70% of commercial vehicles and 80% of two and three-wheelers by 2030.